Aditya Birla Fashion and Retail reports Q3 net profit of Rs 59 crore
Aditya Birla Fashion and Retail Ltd (ABFRL) reported a consolidated net profit of Rs 59 crore ($8.1 million) for the quarter ended December, as against a net loss of Rs 38 crore in the corresponding period of the previous fiscal.
The company’s revenue for the quarter under review was down 18 percent to Rs 2,133 crore, as against Rs 2,597 crore for the same period year ago.
“Q3 saw a significant acceleration of business recovery along sequential quarters; consumers started coming back to stores and continued to buy more online due to buoyant festive mood and visibility of a declining infection spread. The pace and extent of recovery that started with the opening of stores in Q2 was amplified on the back of a large pent up demand, strong festive spirit, and a concentrated wedding season,” ABFRL said in a statement.
“The company remains focused on leveraging its strong brand portfolio, evolving its product profile in line with changing consumer preferences, and expanding its reach. On the business front, a sharp focus on cost and a persistent control on leverage will continue to guide its business model, going forward,” it added.
Aditya Birla Fashion and Retail is India's largest fashion company. It ended the quarter with a network of 2,875 stores, 22,000 multi-brand outlets, and 5,400 points of sales in department stores across India.
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