BATAINDIA · Consumer Durables
Bata India Ltd. reported revenue of ₹788 cr for January to March 2025, −1.3% on the year and −14.3% on the quarter. Over the last four quarters revenue comes to ₹3,489 cr, +0.3% on the four before.
Operating profit (EBITDA) was ₹178 cr, a margin of 22.6%, −22 bps on the year and +83 bps on the quarter. Over the last 8 quarters the margin has ranged from 19.6% to 25.1%, averaging 21.9%. Operating costs grew −1.0%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹46.0 cr, −28.1% on the year and −22.0% on the quarter, with earnings per share of ₹3.57. Profit before other income, one-offs and tax fell 36.1%, so 8 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹331 cr, +25.9% on the four before.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹25.72 over the last four quarters, the stock at ₹640.75 trades at 24.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 37% of profit before tax, against 27% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹819 cr | ₹903 cr | ₹798 cr | ₹945 cr | ₹837 cr | ₹919 cr | ₹788 cr | ₹942 cr | ₹801 cr | ₹945 cr | ₹828 cr | ₹979 cr |
| YoY | — | — | — | −1% | +2% | +2% | −1% | −0% | −4% | +3% | +5% | +4% |
| EBITDA margin | 22.2% | 20.2% | 22.8% | 19.6% | 20.8% | 21.8% | 22.6% | 21.1% | 18.1% | 22.4% | 18.2% | 20.8% |
| Other income, % of PBT | −54% | 14% | 27% | 70% | 26% | −1% | 37% | 17% | 68% | 15% | −200% | 21% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 26% | 23% | 20% | 26% | 24% | 26% | 26% | 28% | 26% | 42% | 26% |
| Net profit | ₹34.0 cr | ₹58.0 cr | ₹64.0 cr | ₹174 cr | ₹52.0 cr | ₹59.0 cr | ₹46.0 cr | ₹52.0 cr | ₹14.0 cr | ₹66.0 cr | ₹2.0 cr | ₹64.0 cr |
| YoY | — | — | — | +63% | +53% | +2% | −28% | −70% | −73% | +12% | −96% | +23% |
| Core profit YoY | — | — | — | −50% | −27% | +16% | −36% | −12% | −88% | −3% | −69% | +17% |
| EPS | ₹2.64 | ₹4.51 | ₹4.95 | ₹13.54 | ₹4.04 | ₹4.57 | ₹3.57 | ₹4.05 | ₹1.08 | ₹5.14 | ₹0.17 | ₹4.98 |
| Flags | · | · | · | 3 | 1 | ✓ | 1 | ✓ | 1 | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bata India Ltd. reported revenue of ₹788 cr (−1.3% on the year) and net profit of ₹46.0 cr (−28.1% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −36.1% on the year, against −28.1% for reported profit.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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