Mumbai: Footwear maker Bata India saw its March quarter net profit surge on account of a one-time gain from the sale of stake in a joint township development project.
The company posted a net profit of Rs 110 crore in the quarter ended March from Rs 14 crore a year earlier. The earnings included an other income of Rs 112 crore from Rs 86 crore in the year ago period.
“The company has disposed of its stake in the joint venture with RDPL (Riverbank Developers) at a gain of Rs 9.87 crore,” Bata said in a statement.
It also recorded a gain of Rs 109 crore from the terms agreed upon by both parties before the transaction, it added.
Apart from the gains the company is yet to receive 324,550 sq feet of constructed space at no additional cost.
Net sales rose to Rs 311 crore from Rs 259 crore in the year ago period.
Shares of the company ended down 2.49% at Rs 422.7 in a weak Mumbai market.