Bata India Q4 Review - Continued Store Expansion To Lead Market Share Gain: Axis Securities
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Axis Securities Report
Bata India Ltd. reported revenue at Rs 590 crore for Q4 FY21 (in line with our estimates of Rs 583 crore) as against Rs 620 crore in Q4 FY20, registering a de-growth of 4.8% YoY.
The quarter witnessed a gradual recovery and indicated steady and consistent growth in line with the quarter’s seasonality.
Recovery was largely driven by the stores re-opening across the country which were shut down due to extended lockdowns in major parts of the country.
Ebitda margin was maintained at similar levels QoQ at ~19% (our estimate: 19.7%), but contracted by 340 basis points YoY on account of the lower gross margins and higher operating expenses.
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