Footwear major Bata India reported a 62.84 per cent year-on-year increase in its consolidated net profit to ₹174.06 crore for the first quarter this fiscal, aided by a one-time gain of Rs 133.95 crore from sale of a property.

The company had posted a net profit of ₹106.89 crore for the first quarter last fiscal.

Revenue from operations fell 1.41 per cent y-o-y at ₹944.63 crore for the first quarter this fiscal compared to ₹958.15 crore for the same period last fiscal, according to a stock exchange filing. Total expenses rose about 6 per cent y-o-y to ₹877.70 crore.

The footwear maker said its board of directors in April approved the sale of a freehold industrial land to an unrelated party for a consideration of ₹156 crore. There was a gain on sale of the land (net of related expenses) of ₹133.95 crore.

Bata has announced an interim dividend of ₹10 per share, amounting to ₹128.53 crore.

Speaking on the Q1FY25 performance, Gunjan Shah, MD and CEO, said, “Bata India navigated well through the slugging consumption environment further accentuated due to the elections and extreme heat wave in the last quarter. We sustained our gross margin with our premiumisation strategy while continuing investments in marketing and technology platforms.”

The company added 33 franchise stores in the first quarter, primarily in tier 3 to 5 towns to cater the demand for branded products and achieve better returns on capital.

“Along with cautious control on costs and focus on efficiency and productivity, we continued to manage our inventory while having strong instore availability of fresh merchandise in anticipation of festive season driven consumption uptick,” Shah added.

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