FabIndia sees rising sales and narrowing losses in FY22
FabIndia saw its sales rise and losses lessen during the 2022 financial year, for which it has filed its results at the Registrar of Companies. The ethnic wear and lifestyle brand reported a revenue total of Rs 1,392 crore for the 2022 financial year with a net loss of Rs 39 crore, the Economic Times reported.
The business saw its sales increase by 29% year-on-year in the 2022 fiscal, representing a reversal of shrinking sales during the height of the pandemic. In the 2021 financial year, FabIndia reported a net loss of Rs 117 crore and revenue of Rs 1,081 crore.
“Following the relaxation in Covid pandemic-related restrictions starting June 2021, improved customer sentiment further aided by the festive season and expansion of the retail store portfolio, the trajectory of revenues continued to improve month-on-month till year-end,” said FabIndia in a regulatory filing, accessed by ET Bureau. “However, the relative operating performance for a few weeks during the period January – February 2022 got impacted due to temporary restrictions imposed in [the] wake of Covid third wave, but thereafter resilience has been seen in revenues which resulted in significant improvement in overall performance.”
FabIndia is in the process of gearing up to launch an initial public offering. The brand has received approval from regulatory body Sebi for a Rs 4,000 crore IPO.
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