Aditya Birla Fashion and Retail Q2 net loss widens to Rs 188 crore
Aditya Birla Fashion and Retail Ltd’s (ABFRL) consolidated net loss widened to Rs 188 crore ($25.5 million) for the second quarter ended September 30, 2020, as against a net loss of Rs 2 crore it reported in the corresponding period last year.
The company’s total income for the quarter declined by 50 percent to Rs 1,171 crore from Rs 2,324 crore in the corresponding quarter of last fiscal.
ABFRL attributed the widening of loss and decline in income due to a complete washout in the wake of the Covid-19 pandemic. The company remains optimistic about the future as the September quarter also showed signs of recovery across businesses.
“The (quarterly) performance was in a constrained environment with sporadic lockdowns and restrictions and continued consumer reluctance to visit stores. Most of the recovery was driven by an agile and innovative mindset, exhibited through the creation of new products and channels,” ABFRL said in a statement.
On the outlook, ABFRL said: “The company is confident of consistent recovery in business over the next two quarters and is on track to restore normalcy of operations by Q4 FY21.”
Last month, ABFRL had raised capital of Rs 1,500-crore from Flipkart by selling an 8 percent stake to the e-commerce major and expects the funds to fuel the growth of the company amid the Covid-19 crisis.
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