Bata India misses Q3 profit estimates
Footwear maker Bata India reported a 1.2% rise in consolidated third-quarter profit to 587 million rupees ($6.71 million) according to Reuters, and falling short of analysts' forecast of 737 million rupees ($8.42 million), as per LSEG data.
Quarterly revenue increased 1.7% to 9.19 billion rupees ($105 million), missing expectations of 9.59 billion rupees ($109.5 million).
Bata, which sells brands like Hush Puppies and North Star in India, attributed the subdued results to sluggish consumer demand amid persistent high inflation.
The company has faced weak earnings in recent quarters as inflation pressures consumers to reduce discretionary spending. Bata also faces stiff competition from rivals like Relaxo Footwears, whose third-quarter profit dropped 14% due to similar demand challenges.
