Bata India Q2 net up by 18 per cent at Rs 61.94 crore

Footwear company Bata India Ltd today reported 17.64 per cent increase in standalone net profit at Rs 61.94 crore for the quarter ended June 30, 2013, riding on higher sales.

The company had reported net profit of Rs 52.65 crore in the corresponding period last year.

Bata's net sales went up 13.66 per cent to Rs 572.13 crore for the quarter under review as against Rs 503.33 crore in the corresponding period a year ago.

Commenting on the results, Bata India's Group managing director Rajeev Gopalakrishnan said: "It has been a good year and we continue to see stronger growth with greater opportunities. The robust quarterly performance reflects our strong understanding on the consumer needs and our relentless focus on quality sales growth."

The company reported 13.35 per cent increase in expenses for the June quarter at Rs 490.84 crore compared with Rs 433.02 crore for the same period last year.

Bata India said it will open approximately 100 new format stores this year which will be more than an average of 3,000 square feet in size.

"We expect to get benefited from our aggressive retail expansion, newer designs and newer product ranges in the future," Gopalakrishnan added.

This quarter, Bata has opened 15 new stores in prime shopping locations in all major metros, including Mumbai, Delhi, Bangalore, Chennai, Hyderabad and Bangalore