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Bata India has released its Q1 financial results. Here are the key highlights from their announcement:

1. Net Profit: Bata India reported a 10.3% year-on-year (YoY) decline in consolidated net profit for the first quarter of fiscal year 2023-24 (Q1FY24), amounting to ₹106.8 crore, compared to ₹119.3 crore in the corresponding period last year.
2. Revenue: The company’s revenue from operations stood at ₹958.1 crore, showing a marginal rise of 1.6% compared to ₹943 crore in the year-ago period.
3. EBITDA: Earnings before interest, tax, depreciation, and amortization (EBITDA) for the June quarter stood at ₹239.3 crore, reflecting a decrease of 2.2% compared to ₹244 crore in the same period of the previous year. The EBIDTA margin came in at 25%, declining by 100 basis points from 26% in the same period last year.
4. Market Performance: On August 9, Bata India shares closed 3.30% lower at ₹1698 on the National Stock Exchange (NSE).
5. Demand and Strategy: Bata India mentioned that demand remains subdued in the footwear sector due to discretionary spending trends. The company expects demand to recover and accelerate during the festive season. Bata India’s strategy includes focusing on casualization and premiumization, expanding the retail network, and investing in core technologies and digital channels.
6. Innovations and Initiatives: Bata India introduced several innovations for consumers, such as the Bata Shoe Care Program, Buy Now Pay Later, and Bata Wallet. The company has also gained market share in higher category articles in various brands.
7. Outlook: Despite the current challenges, Bata India remains optimistic about demand resurgence and plans to continue expanding in tier 3-5 towns, digital channels, and customer experience enhancement.

Bata India’s Q1 results reflect the impact of subdued demand on its financial performance. The company is focusing on strategies to drive growth and enhance customer experience, especially through its digital initiatives.