Aditya Birla Fashion and Retail reports highest ever quarterly revenue in Q2
Aditya Birla Fashion and Retail has reported its highest quarterly revenue total to date for the second quarter of the 2023 financial year. The second quarter saw revenue increase by 50% year-on-year to reach Rs 3,075 crore.
Aditya Birla Fashion and Retail saw strong performances across its various fashion segments resulting in 24% year-on-year growth in its earnings before interest, tax, depreciation, and amortisation in the second quarter of this fiscal, the business announced in a press release on November 4. The business’ revenue was also up 33% compared to pre-Covid levels in the recent quarter.
“Driven by a buoyant demand outlook and an encouraging start to the festive season, ABFRL remains optimistic about the overall consumption of fashion products for the rest of the year,” the business announced in a press release on November 4. “ Accelerated urbanisation, sustained income growth and the need for a sophisticated shopping experience augur well for ABFRL’s portfolio of brands. Through millions of loyal customers, a proven execution track record, the strength of its brands and a comprehensive portfolio play, ABFRL continues to see strong growth opportunities ahead. With a strong balance sheet, ABFRL is well poised to make the most of this opportunity as it cements its leadership position in the industry.”
Aditya Birla Fashion and Retail attributed its recent growth to consistent e-commerce performance across product categories. The business also pursued aggressive network expansion across its brands, opening 21 Pantaloons stores on a net bases and its branded business adding 85 new stores.
The business closed the quarter with a debt of Rs 243 crore at a consolidated level, compared to a debt of Rs 504 crore at the end of the 2022 financial year. The quarter also saw Pantaloons achieve its highest ever quarterly revenue with 64% year-on-year growth to total Rs 1,680 crore. The business’ lifestyle brands segment also experienced its best performing quarter to date.
Copyright © 2023 FashionNetwork.com All rights reserved.