Buy Bata India, target price Rs 2200: Axis Securities

Axis Securities has buy call on Bata India with a target price of Rs 2200. The current market price of Bata India Ltd. is Rs 1866.45. Time period given by analyst is one year when Bata India Ltd. price can reach defined target.

Bata India Ltd., incorporated in the year 1931, is a Large Cap company (having a market cap of Rs 23972.31 Crore) operating in Leather sector.

Bata India Ltd. key Products/Revenue Segments include Footwear and Other Operating Revenue for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 952.31 Crore, up 39.23 % from last quarter Total Income of Rs 684.00 Crore and up 241.02 % from last year same quarter Total Income of Rs 279.25 Crore. Company reported net profit after tax of Rs 119.37 Crore in latest quarter.

Investment Rationale
Given the healthy business recovery in Q1FY23 and cautiously optimistic demand outlook going ahead, the brokerage maintains a BUY on the stock

Promoter/FII Holdings
Promoters held 50.16 per cent stake in the company as of 30-Jun-2022, while FIIs owned 6.84 per cent, DIIs 30.11 per cent.