Creating Value, Step by Step.
My Dear Shareholders,
I hope this message nds you and your loved ones in good health and
spirits. While the overall domestic economy growth has been signi cantly above the global
growth rate, there has been softness in the discretionary consumer spending, which has
signi cant bearing on the Footwear Industry.
Factors like global uncertainties and geo-economic fragmentation have
further aggravated the situation. Yet, your Company continues to display a consistent
performance including for FY 2023-24 through thoughtful strategies and robust execution,
which kept the pro tability growing. Thus, the Operating Pro t margins have seen an
impressive growth of almost 2% compared to FY 2022-23.
Our expansive product portfolio and retail presence, the largest in the
footwear sector in India, provide us with adaptability in navigating dynamic market
conditions.
We are focused on expanding our market presence through franchisees,
multi-brand outlets (MBOs) and stores-in-stores (SIS). We are also enhancing our online
presence and product range to align with fast-paced fashion trends, catering to a diverse
range of style-conscious consumers. We have launched several campaigns to attract shoppers
and increase our market share by serving more than
2,50,000 customers every day. On the technology front, your Company has
implemented High-Performance Merchandising Technology (HPM) to shorten product cycles and
enable faster introduction and replenishment of our latest collections in stores. Digital
technologies, including AI, digital analytics and ERP, will support sharper
decision-making, increase organization-wide speed, and facilitate efficiency from
procurement to e-commerce.
We continue to invest in talent to make our passionate teams
future-ready and encourage them to develop entrepreneurial perspectives.
Our commitment to shareholders is reflected in the dividend payout of
240%. This aligns with the con dence in your Company's ability to weather challenges
and emerge stronger. Your Company engaged with over 5,300 children through Bata
Children Program, serving over
3,100 beneficiaries – maintaining the legacy of impactful
societal initiatives.
Our efforts in shaping the agenda for sustainability gathered momentum
in
FY 2023-24 through our work in the environmental, social and governance
(ESG) space.
We extend our gratitude to our employees, business partners, consumers
and communities whose support kept Bata agile and resilient. We acknowledge the invaluable
guidance and support of Bata Shoe
Organization (BSO), our parent entity, which has shaped our enduring
values and beliefs over the past 125 years.
We also thank you, our shareholders, for your continued trust.
| Warm regards, |
| Ashwani Windlass |