Softness in operating profitability drags PAT down

11 Mar 2024
5 Min read 
  • Bata India's 3QFY24 results showed a decline in operating profitability, leading to a decrease in PAT.
  •  The company added 54 new stores in the quarter, bringing the total store count to 2,204.
  •  Softness in the value segment (<INR1,000 ASP category) continues to be a drag on performance.
  •  The company expects steady growth through network expansion and product revamps.
  •  Financials and valuations show a decline in EBITDA and PAT for FY24E, but a rebound in FY25E.
  •  The management expects marketing investments to drive improved demand.
  •  Bata India's stock is rated as Neutral with a target price of INR1,480.
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