Bata India's (BIL) YoY 3QFY19 performance positively surprised on the margin front with EBITDA margin expanding 450bps (YoY) while we were anticipating only a 90bps expansion. Revenues Sector: Retail were in line. There was a 350bps gross margin expansion which has been explained by: (1) Volume discount from both raw material and finished goods suppliers as BIL entered into six- CMP: Rs1,272 monthly contracts against three-monthly contracts earlier. 200bps-250bps gains accrued from this move. (2) The revenue mix shift towards retail - 85%-88% of revenues - which grew 18% YoY Target Price: Rs1,479 in 3QFY19 and accelerated from the low-teen growth witnessed since the past several quarters (like-to-like growth). To our surprise, the wholesale part showed a decline of 2%-3% whereas we Upside: 16%...
ICICI Securities Ltd | Retail Equity Research Bata reported one of its best quarterly performances with a strong beat across all parameters. It reported robust revenue growth of 15.5% YoY | 778.7 crore (I-direct estimate: | 722.9 crore). This is the second consecutive quarter wherein Bata reported double digit revenue growth after 10 quarters. Sustained enhancement of product mix drove realisations (up ~13% YoY) with volume growth of 3%. Furthermore, SSSG grew 12% for the quarter...
For 3QFY2019, Bata India (BIL) posted strong set of numbers, exceeding our expectations on bottom-line front. Revenue grew by ~16% yoy (in-line with our estimate). The company's operating margins improved by robust 455bps yoy. On the bottom-line front, BIL reported growth of ~52% yoy to `104cr on the back of strong operating performance. Outlook
In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of the Company at its Meeting held on February 12, 2019 has appointed Mr. Alberto Michele Maria Toni (DIN: 08358691) as an Additional Director (Category-Non-Executive Director) of the Company with effect from February 12, 2019 to hold office up to the date of the next Annual General Meeting.
In compliance with the provisions of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Unaudited Financial Results (UFR) of Bata India Limited ('the Company') for the quarter and nine months ended December 31, 2018 were approved at the meeting of the Board of Directors of the Company held today, i.e., February 12, 2019. The aforesaid UFR in the prescribed format and Limited Review Report thereon, received from the Auditors of the Company are attached herewith. We are also enclosing a Press Release on the said UFR. The Board Meeting commenced at 12:15 p.m. and concluded at 4:05 p.m.
An interesting check in on stocks with upcoming Q3 results, is how brokers have been viewing the stock over the past three months. This stock screener takes a look at stocks with multiple upgrades in either recommendations or target prices. In these screeners, companies including Bata India and NCC (which announce results on Feb 12), Aurobindo Pharma (results today) received recent target price upgrades.
In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that Mr. Christopher MacDonald Kirk (DIN: 07425236), Non-Executive Director of Bata India Limited ('the Company'), consequent upon his resignation from the Board of Compass Limited, Bata Shoe Organisation (BSO), has tendered his resignation as a Director of the Company with effect from January 31, 2019.