Bata India posts net loss of ₹43 cr in Q21 min read . Updated: 10 Nov 2020, 08:27 PM IST
The consolidated revenue from operations declined 49% to ₹368 crore
Bata India on Tuesday reported consolidated net loss of ₹44 crore for the quarter ending 30 September, 2020 due to the coronavirus pandemic. The footwear major reported net profit of ₹71 crore in the year-ago period.
The consolidated revenue from operations declined 49% to ₹368 crore as against ₹722 crore in September 2019.
Sandeep Kataria, CEO — Bata India Limited, said: "We moved from revival to revitalization phase of our strategy. In this quarter, as all the stores opened-up gradually, we continued keeping safety of our customers & employees in mind. We focused on scaling up our presence in online marketplaces with an expanded range, scaling our own channel bata.in and our new digital channels to reach out to a wider customer base. On the physical stores, we expanded our reach in smaller towns by opening our 200th franchise store, ensuring availability in multi-brand outlets via Distribution channel and also optimizing our network in the cities.
"Along with channel expansion initiatives, we continued our strong focus on cost-savings measures across our network, controlling discretionary spends and enhancing productivity. These measures have laid the foundation that will help us capture the emerging consumer demand. Innovation via agile product creation, introducing new emerging digital channels, expansion in Tier3-5 towns, and cost-saving digitalization will continue to be a priority."
On Tuesday, the company's stock on BSE closed 1% higher at ₹1,371.
Since the reopening of the economy in June, the company has continued its multiple measures to ensure customer safety, consumer relevant communication, product availability and drive channel expansion, it said.
During the quarter, Bata India continued to optimise its retail network and look for cost savings across rentals and operations, manufacturing and drive efficiencies in its value chain.
"All the cost-focused initiatives that have been put in place across multiple work streams will continue to have long-term visible impact on the results, post-pandemic as well," it said.