Bata India posts first profit drop in two years on sluggish demand
Compounding its problems, Bata's expenses increased 4.5 per cent in the quarter, while inventory costs spiked to 3.83 billion rupees.
Relaxo Footwears, which owns the Sparx sports shoe brand, had hiked prices to counter the increased costs, which helped it post an increase in profit last quarter. (Image credit: Reuters)