Leather apparel manufacturer, Bata India Ltd on Sunday, reported a net loss of Rs 100.88 crore in the Q1 2020 which ended in June. The staggering loss has crippled the company’s future business ventures.
In the April-June quarter, the company posted a net profit of Rs 100.97 crore. Bata India said in a filing to the BSE. Its revenue was up 84.69% for the current quarter. 135.07 crores to Rs. 882.75 crore during the same quarter of the last fiscal year.
“The company’s turnover in the first quarter of the financial year 2020-21 is likely to be severely impacted by disruptions caused by the ongoing Covid-19 epidemic,” Bata said.
Its revenues from quarterly operations “decreased by 85 percent from lockdown in April and May compared to the same period last year. The results are yet to be seen ”The company spokesman said.
The company has started a restructuring of its network to drive itself to shores from troubled recession waters.“Additionally, we have increased our focus on franchise store roll-outs and expanded our reach to multi-brand stores to be closer to our customers. We hope that sales will continue to improve and will be further stimulated with festivals in the coming quarter, ”the spokesman added.
Shares of Bata India Ltd traded down 0.43 percent at Rs 1,258.40 per BSE on Friday.