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Footwear and accessories retailer Bata India has reported 622 per cent rise in its net profit at Rs 109.36 crore for the first quarter ended March 31, 2011, against Rs 14.3 crore in the corresponding period a year ago.
The surge in net profit is on account of a one-time gain from the sale of stake in a joint township development project. Its turnover grew by 20 per cent to Rs 310.65 crore in the first quarter of 2011 compared with Rs 259.15 crore for the same period in 2010.
“The company has disposed its stake in the joint venture with RDPL (Riverbank Developers) at a gain of Rs 9.87 crore,” Bata said in a statement.
Apart from the gains, the company is yet to receive 324,550 sq feet of constructed space at no additional cost.
Mr Marcelo Villagran, Managing Director, Bata India Ltd said, “The year 2011 has begun on a promising note for the company with the first quarter clocking the highest sales growth. This is as a result of our continued expansion through 29 new stores and our product range. We expect to continue this growth in this year.”
The company's shares ended down 2.49 per cent at Rs 422.7.
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