Bata India Ltd — earnings calls

Bata India reported a second consecutive quarter of over 5% value growth, which management said was volume-led and broad-based across channels and categories. Reported PBT declined due to exceptional items including a manufacturing facility closure, an FX impact on a licensing agreement liability, and lower gains from lease closures, but management stated like-to-like PBT growth was about 11% with cash flow from operations up about 18%. Management also discussed inventory reduction, expansion of zero-based merchandising and franchise stores, and growth in the e-commerce channel.