External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Bata India (BATA) delivered a modest growth recovery with 2% YoY revenue growth.</li><li>The 10% miss on EBITDA was primarily driven by lower gross margin (-140bp YoY) on account of a shift in the channel mix (higher franchisee and e-commerce) and inventory clearance.</li><li>Adj. PAT declined 19% YoY. Management indicated improvement in the demand environment in 2Q and expects further improvement in 2H with the onset of the festive season.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bata India (BATA) delivered a modest growth recovery with 2% YoY revenue growth.The 10% miss on EBITDA was primarily driven by lower gross margin (-140bp YoY) on account of a shift in the channel mix (higher franchisee and e-commerce) and inventory clearance.Adj. PAT declined 19% YoY. Management indicated improvement in the demand environment in 2Q and expects further improvement in 2H with the onset of the festive season.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bata India - Modest Growth Recovery Offset by Lower Gross Margin

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Bata India’s revenue stood at Rs 945Cr, de-grew by (1.4)% YoY (vs. our estimates of 5%YoY).</li><li>The company’s gross margins remain flattish, grew by 11bps to 54.9% (miss) whereas its EBITDA stood at Rs 185Cr, down by ~23%yoy and EBITDA margins came in at 19.6%(miss), declined by 542bpson account of one-time expenditure.</li><li>The company’s PAT was at Rs 13 Cr and grew by 63% due to an exceptional income of Rs 134Cr from sales of land(Faridabad).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bata India’s revenue stood at Rs 945Cr, de-grew by (1.4)% YoY (vs. our estimates of 5%YoY).The company’s gross margins remain flattish, grew by 11bps to 54.9% (miss) whereas its EBITDA stood at Rs 185Cr, down by ~23%yoy and EBITDA margins came in at 19.6%(miss), declined by 542bpson account of one-time expenditure.The company’s PAT was at Rs 13 Cr and grew by 63% due to an exceptional income of Rs 134Cr from sales of land(Faridabad).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bata India - Recovery to Be Gradual; Maintain HOLD

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Q4 highlights: Revenue grew 2.5% YoY to INR7.98bn (HSIE: INR8.11bn) due to weak consumer demand.</li><li>The sub-INR500 product range (&lt;10% of sales for FY24) and distribution channel continue to remain under pressure while premium categories (~40% of sales for FY24) continue to backstop a decline.</li><li>SSSG is likely to be negative over FY24. Bata added 27 stores (net) in Q4 (franchise/total store count: 533/1,862) primarily in Tier 3-5 cities to cater to unfulfilled demand and clock higher RoCE (target store addition for FY25 – 120; 80% franchise stores).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q4 highlights: Revenue grew 2.5% YoY to INR7.98bn (HSIE: INR8.11bn) due to weak consumer demand.The sub-INR500 product range (&lt;10% of sales for FY24) and distribution channel continue to remain under pressure while premium categories (~40% of sales for FY24) continue to backstop a decline.SSSG is likely to be negative over FY24. Bata added 27 stores (net) in Q4 (franchise/total store count: 533/1,862) primarily in Tier 3-5 cities to cater to unfulfilled demand and clock higher RoCE (target store addition for FY25 – 120; 80% franchise stores).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bata India - Continues to Be a Category Laggard

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

Geojit BNP Paribas

Geojit BNP Paribas is a leading Indian investment services company with a strong presence in the Gulf Cooperation Council countries. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Geojit's research report onBata India Bata India Ltd.</li><li>(BIL) is the largest retailer and leading manufacturer of footwear in India, with 1,835 retail store presence in 1518 towns (Dec 2023).</li><li>We downgrade our rating to Accumulate with a revised target price of Rs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geojit's research report onBata India Bata India Ltd.(BIL) is the largest retailer and leading manufacturer of footwear in India, with 1,835 retail store presence in 1518 towns (Dec 2023).We downgrade our rating to Accumulate with a revised target price of Rs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bata India Ltd. - High Ad Spends to Push Demand

<ul><li>BATA’s result was below our/street estimates across all parameters.</li><li>The company’s revenue grew by a marginal 0.4% YoY (versus our estimate of 10% YoY) due to muted performance in the mass end of the portfolio.</li><li>However, the premium portfolio continued to remain strong. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BATA’s result was below our/street estimates across all parameters.The company’s revenue grew by a marginal 0.4% YoY (versus our estimate of 10% YoY) due to muted performance in the mass end of the portfolio.However, the premium portfolio continued to remain strong. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BATA INDIA - Subdued Performance; Maintain HOLD

India

Bata India Limited manufactures a wide range of leather, rubber/canvas and plastic footwear products.  The Company also manufactures sports apparel and leather accessories.  Bata India sells its products through its chain of company owned retail stores in India, as well as to businesses in the USA, United Kingdom, Europe, the Middle East and the Far East.

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Bata India Ltd (BATA IN)

Bata India - Modest Growth Recovery Offset by Lower Gross Margin

The 10% miss on EBITDA was primarily driven by lower gross margin (-140bp YoY) on account of a shift in the channel mix (higher franchisee and e...

Motilal Oswal

Bata India - Recovery to Be Gradual; Maintain HOLD

The company’s gross margins remain flattish, grew by 11bps to 54.9% (miss) whereas its EBITDA stood at Rs 185Cr, down by ~23%yoy and EBITDA margins...

Axis Direct

Bata India - Continues to Be a Category Laggard

The sub-INR500 product range (<10% of sales for FY24) and distribution channel continue to remain under pressure while premium categories (~40% of...

HDFC Securities

Bata India Ltd. - High Ad Spends to Push Demand

Geojit's research report onBata India Bata India Ltd. (BIL) is the largest retailer and leading manufacturer of footwear in India, with 1,835...

Geojit

BATA INDIA - Subdued Performance; Maintain HOLD

The company’s revenue grew by a marginal 0.4% YoY (versus our estimate of 10% YoY) due to muted performance in the mass end of the portfolio.

Axis Direct

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