Bata India Limited — Q1 FY25
Bata India reported a muted Q1 FY25 with revenue declining -1.4% YoY, impacted by heatwaves, elections, and a sluggish wedding season.
bearish
high
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Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered1Evaded / deflected12Questions audited
Evasive
High priority
Channel-wise growth breakdown among Coco, franchise, distribution, and online.
Asked by Saurabh Kundal, Goldman Sachs
Management declined to provide specific growth numbers, only gave relative ranking.
refused to share precise numbersgave only qualitative ranking
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Question
can you please let us know the channel-wide growth between Coco, franchise, distribution, and online?
Gunjan Shah, CEO
I don't share the precise numbers, Saurabh, but overall... franchise and e-commerce were the channels that grew the fastest... The marketplace distribution business lagged relatively.
Answered
High priority
Same store sales growth for Coco network, even if negative.
Asked by Saurabh Kundal, Goldman Sachs
Management provided a clear directional answer with a range (lower single digit negative).
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Question
what is the same store sales growth that you see, let's say, in your Coco network roughly?
Gunjan Shah, CEO
It has been evidently negative, Saurabh, and the lower middle, lower single digit negative.
Partial answer
Medium priority
Metrics to measure impact of high-performance marketing investment.
Asked by Saurabh Kundal, Goldman Sachs
Management listed metrics but did not provide any actual numbers or results.
no specific numbers givenlisted metrics without quantification
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Question
how do we measure what improvement or what impact it has had? For example, if you could let us know the footfall now versus before...
Gunjan Shah, CEO
There are a few... project metrics... outcome metrics... Gross Margin, markdown... Inventory Turns... availability...
Partial answer
Medium priority
Full price sale contribution and average discounting.
Asked by Saurabh Kundal, Goldman Sachs
Provided discounting number but deferred the full price sale contribution.
deferred full price sale contribution to offline
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Question
Could you give us an idea of what are your compliance sales? So the same kinds of sales that are not discounted in a year?
Gunjan Shah, CEO
My discounting on an average is at high single-digit. Do I have the full price sale contribution? I'll need to offline report to you.
Answered
High priority
Plan for SIS and MBO network expansion and gross margin/ROC differences.
Asked by Rahul Agrawal, Ikigai Asset Management
Management explained the threshold and ROC differences clearly.
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Question
how do you plan to increase that network? ... gross margin and ROC, how are they different between both vendors?
Gunjan Shah, CEO
franchise by default is better from an ROC as well as an extra level... threshold at GFS team is roughly in the range of about... annualized turnover of about INR 2 crore...
Answered
High priority
Manufacturing vs outsourcing mix and BIS update.
Asked by Rahul Agrawal, Ikigai Asset Management
Management provided specific ratio and detailed BIS update.
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Question
the manufacturing and outsourcing mix situation. What is it right now overall and any updates from a BIS perspective?
Gunjan Shah, CEO
the ratio has moved to about 25 or 75... BIS... effective from 1st of August... encompasses about 90% of our products...
Partial answer
Medium priority
Reason for 15% increase in employee costs and outlook on expenses.
Asked by Videesha Sheth, Ambit Capital
Management cited one-offs but did not break down the 15% increase in detail.
did not fully explain the 15% increaseattributed to one-offs without specifics
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Question
what's left to the 15% increase in employee costs? And also, how should we be looking at the cost side going forward?
Gunjan Shah, CEO
This quarter, there was some one-off related in the payroll... simulated impact... to the extent of about 300-320 basis points...
Answered
High priority
Performance of value segment vs premium and revenue split.
Asked by Anurag Lodha, Axis Capital
Management provided clear percentage contributions for price segments.
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Question
how has the value segment performed? What are the savings between premium and value right now?
Gunjan Shah, CEO
greater than 2000 is in the range of about 25%. Greater than 1000 is in the range of almost about 60%. And less than 300... about 15% now.
Answered
High priority
Category trends and which categories are working/not working.
Asked by Priyank Chheda, Vallum Capital
Management identified specific trends and categories with performance commentary.
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Question
Could you speak about the categories which are working, which are working well, which are not working well, and why?
Gunjan Shah, CEO
democratization, casualization, as well as in terms of fashion... textile piece, both ladies as well as men... did not do well last quarter...
Answered
High priority
Revenue contribution from casualization/sneakerization trends and future outlook.
Asked by Priyank Chheda, Vallum Capital
Management provided current and target contribution percentages.
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Question
what would be our contribution, revenue contribution as of now, and what would we see going ahead with these three trends?
Anil Somani, CFO
casual overall sneakers and casual combined should be contributing to about 50%-55%... going forward, this should come about 60%-65% in the longer term over the next 50 years.
Answered
Medium priority
Store opening plans by geography and region-wise targets.
Asked by Abhishek Getam, Alpha Invesco
Management gave specific annual store opening target and mix.
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Question
what are your plans on store openings on geography or region-wide? What sort of target areas are we looking at?
Gunjan Shah, CEO
we should be looking at annualized about 120-150 stores... 75% or 80% of them will be in the Coco corporate.
Answered
Medium priority
Whether 70% store addition in Tier 3 towns applies to Power and Nine West.
Asked by Arun Gajaria, Boring AMC
Management clearly stated it does not apply and explained the different strategy.
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Question
When shares 50% store addition in Tier 3 towns, does it stay off like Power and Nine too?
Gunjan Shah, CEO
No, no. It will not apply... In Power, we are focused very clearly to follow a cluster strategy... largely focused in areas of NCR and BGF economics...