Bata India Q1 profit down 67% to Rs 35.99 cr
New Delhi: Footwear retailer Bata India Thursday reported 67 percent decline in net profit to Rs 35.99 crore for the first quarter ended March 31, 2012.
The company's net profit for the year-ago period was Rs 109.36 crore, which included a gain of Rs 83.76 crore from surplus property development.
"Net profit for first three months of the year of Rs 35.99 crore has increased by 41 percent over the corresponding period last year, without considering gains of Rs 83.76 crore (net off tax) from surplus property development in the first quarter of the previous year," Bata said in a filing to the BSE.
The firm's net sales for the quarter under review increased 30.52 percent to Rs 405.47 crore against Rs 310.65 crore in the quarter ended March 31, 2011.
The company opened 61 new Bata stores during the period. Hush Puppies brand also saw expansion with the opening of four exclusive new stores and two shop-in-shops in leading department stores in the same period.
"We have continued on our strategy of expanding our retail foot print, improving our merchandising and coming up with newer and better designs," Bata India Group Managing Director Rajeev Gopalakrishnan said.
Bata India scrip closed at Rs 840.40 on the BSE, down 1.62 percent from the previous close.