Bata India Ltd (BIL) is the largest retailer and leading manufacturer of footwear in India with ~1300 retail stores as on Dec 2018. BIL reported strong earnings growth of 51%YoY and revenue growth of 16%YoY. EBITDA margin expanded 450bps to 21% . EBITDA margin expansion was aided by improvement in gross margin on account of increase in premium brands in the mix. Rent expense as % of sales declined by 60bps YoY. Store additions via franchisee route will control fixed costs ....