Bata India is trading higher on strong results. The company reported a 32% jump in net profit to Rs 50.40 crore in the quarter ended September 2016, over the corresponding quarter of the previous year.
Net sales were up by a marginal 2% to Rs 583.40 crore in the second quarter. The stock, which rose to Rs 418 on announcement of results, has retreated a bit now, but is still up with an impressive gain of 2.3% at Rs 413.
The quarter saw Bata strengthening its men’s contemporary range with the launch of Bata European collection, an entry in the women’s festive segment and expansion of omnichannel presence across stores, Bata India said while announcing its results.
The stock had hit a high of Rs 613.55 in the last week of July this year, slipped gradually and hit a 52-week low of Rs 400 earlier in the day.