Axis Direct's report on Bata India
Mr. Gopalakrishnan, MD and CEO of Bata India, stated in an interview that impact of demonetization on Bata sales lasted for only two weeks; the company came back strongly, posting double-digit sales growth in Jan- Feb’ 17.
Outlook
We believe that effective implementation of these initiatives coupled with improving macro environment in a category dominated by unorganized will improve the sales growth. We estimate 20% EPS CAGR over FY17-20E. Maintain BUY with TP of Rs 580 based on fwd P/E of 29x.
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