Calcutta, Nov. 7: Bata India Limited has suffered a net loss of Rs 8.5 crore in the third quarter ended September 30—a whopping increase of 102 per cent over the year-ago figure of Rs 4.2 crore.
Net sales of the company has gone down marginally by 5.56 per cent to Rs 154.59 crore as against Rs 163.6 crore in the corresponding period of the previous year.
However, the shoe major has been able to reduce the interest outgo to Rs 1.92 crore as against Rs 2.17 crore in the corresponding period of the last year.
Analysts attribute the mounting losses of the company to two things: a) cut-throat competition from regional brands, and, b) frequent changes in the top-level management which is affecting the company’s performance and getting reflected in the results.
Bata, in the notice sent to the stock exchanges, said following prudent accounting practice, deferred tax asset (credit) of Rs 3.4 crore arising out of loss for the period January to September this year has not been accounted for.