Aditya Birla Fashion and Retail posts Q4 net loss of Rs 147 crore

By

Maverick Martins

Published
May 28, 2020

Aditya Birla Fashion and Retail Ltd (ABFRL) reported a consolidated net loss of Rs 147 crore ($19.4 million) in the fourth quarter ended March 31, 2020, as against a consolidated net profit of Rs 203 crore it reported in the year-ago period.
 

The company’s revenue for the quarter under review was Rs 1,832 crore, as compared to Rs 1,915 crore in reported in the corresponding period last year. ABFRL said that the Q4 results were impacted due to the coronavirus pandemic.
 
For the fiscal year 2019-20, the company posted a consolidated net loss of Rs 165 crore, while its revenue from operations was Rs 8,788 crore.

“As the country was struck by the Covid-19 pandemic leading to restrictions and heightened sense of insecurity among people, consumers started to stay away from all non-essential shopping. This dramatically reduced the footfalls at stores across the country, leading to a steep decline in sales from the second week of March,” the company said in a statement.
 
"Eventually, the company had to shut down its entire retail network through the month in line with the nationwide lockdown announced by the Government of India. This unprecedented disruption had an adverse impact on the quarterly performance, and led to a decline in sales and profits for the fourth quarter over the same period last year," it added.
 
Aditya Birla Fashion and Retail Ltd is one of India’s largest fashion retailers with over 11,000 points of sale, which include close to 2,500 exclusive ABFRL brand outlets in over 700 cities and towns.