Bata India - Well Placed To Benefit From Demand Normalisation: ICICI Direct
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ICICI Direct Report
Bata India Ltd. witnessed a revenue recovery rate (adjusted) reaching 80% in Q4 FY21 versus 74% in Q3 FY21.
Lower revenues from formal and fashion footwear continued to impact gross margin YoY though QoQ gross margins witnessed an improvement.
Revenue fell 5% YoY to Rs 589.9 crore in Q4 FY21.
Aligning with the current demand scenario, the company tweaked its product portfolio from formals and fashion categories to casuals, fitness and essential categories.
Gross margins contracted ~570 basis points YoY to 53.1% mainly owing to unfavourable product mix.
Cost control measures led to lower other expenses.
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