ABFRL Q1 profit surges six-fold to Rs 39 crore
Aditya Birla Fashion and Retail Limited (ABFRL) witnessed a six-fold surge in its profit to Rs 39 crore ($5.5 million) for the first quarter of the fiscal year 2019-20 due to strong performances from its premium brands.
The company had reported a profit of Rs 6 crore during the corresponding quarter of the last fiscal year.
ABFRL’s revenue also increased by 8 percent to Rs 2,065 crore during the first quarter as against Rs1,914 crore it had reported last year.
The company's Madura division that includes brands such as Louis Philippe, Van Heusen, Allen Solly among others contributed Rs1,210 crore while Pantaloons segment added Rs 890 crore.
Commenting on the Q1 results, Ashish Dikshit, managing director at ABFRL in a statement said: “We saw strong growth across segments. While consumer demand saw pressure at an overall economy standpoint, the migration from unorganised to branded continued and helped us grow in a tough market.”
On the outlook, the company said: “With strong brands, diversified portfolio, resilience business model and exceptional execution capabilities, Aditya Birla Fashion and Retail Ltd remains optimistic about its growth and profitability outlook for future.”
During the quarter, the company acquired a 100 percent stake in Indian crafts based ethnic wear brand 'Jaypore' and a 51 percent stake in designer brand ‘Shantanu & Nikhil’.
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