Bata India Ltd. share price target

Bata India Ltd (BIL) is the largest retailer and leading manufacturer of footwear in India with ~1300 retail stores as on March 2019. Q4FY19 revenue growth was moderate at 7%YoY impacted by weak performance of E-com channel due to legislation change and one-off institutional order in YoY quarter. EBITDA margin improved by 90bps YoY largely due to expansion in gross margin (120bps YoY) on account of increasing mix of premium products. PAT growth was strong at 69%YoY. Rent expense as % of sales moderately increased by 10bps YoY....

Premiumisation of product portfolio drives growth in FY19 FY19 was an eventful year for Bata with various initiatives undertaken such as sustained efforts towards enhancing share of premiumised product portfolio, refurbishing and redesigning existing store models and enhanced focus on categories like women, youth and sports. In conjunction with the launch of new collections, Bata has increased its investments in branding and advertising by 50-60% over the last two years (3% as a percentage to revenue). Efforts were visible with Bata reporting healthy revenue growth of...

Bata posted weak Q4 performance at the both revenue and the EBITDA level; the revenue and the EBITDA for the quarter grew by 7% and 15% respectively.

View: Double digit growth in Retail channel; Maintain Accumulate Bata's Q4FY19 revenues and EBITDA were below our estimates, but APAT was in line. The lower revenue growth in the quarter was due to the belownormal performance in the e-commerce channel and a one-off institutional order in base quarter. However, the retail channel grew in double digits. We have broadly maintained our FY20E and FY21E EPS estimates at ` 27.9 and ` 31.1, respectively. We value Bata at 45x FY21E EPS to arrive at a TP of ` 1,415. We believe that the company has a high growth potential, especially after the recent changes at the stores and strong new brand...

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 ....

Bata, India's largest footwear retailer, we believe is at an inflection point driven

A Strong Quarter, Courtesy-Shift of Festive Season, Boom in the Premium Segment: Bata India Ltd's revenue for Q3FY19 came in at Rs. 7790 Mn, up 15.5% YoY and 15.7% QoQ. EBITDA for the quarter was at Rs. 1636 Mn, up 46.8% YoY and 87.3% QoQ.

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...

Q2FY19 showed continued margin traction: Bata India Ltd's revenue for Q2FY19 came in at Rs. 6730 Mn, up 14.7% YoY but down by 15.6% QoQ , almost in line with our estimate. EBITDA for the quarter came in at Rs. 719.9 Mn, up 35.5% YoY (down 34% QoQ).

Bata reported healthy revenue growth of 14.7% YoY | 673.1 crore (Idirect estimate: | 645.9 crore). Reported growth was the highest in the last 10 quarters. The management indicated that its latest brand campaign Be surprised' has been successful. Also, Bata has rapidly...