Aditya Birla Fashion Q1 net loss widens to Rs 215 crore

Aditya Birla Fashion and Retail Limited (ABFRL) reported widening a loss to Rs 215 crore ($25.7 million) for the quarter ended June 30, as against Rs 161 crore in the year-ago period.

The company’s revenue for the quarter rose by 7 percent to Rs 3,428 crore, as against Rs 3,196 crore in the corresponding quarter of the previous fiscal year.

Commenting on the results, ABFRL in a statement said, “Businesses continued to navigate through subdued consumption environment which was further exacerbated by prolonged heat wave and weak wedding season. This quarter’s growth was predominantly driven by newer businesses operating in emerging consumer segments. Net profit at a consolidated level was impacted due to continued investments in TMRW and losses in TCNS.”

“Our performance over last few quarters validates the strategy of expanding our portfolio into new high growth segments. As market navigates through current headwinds, we remain steadfast with our focus on driving profitable growth,” it added.

ABFRL is part of a leading Indian conglomerate, The Aditya Birla Group. It has a network of 4,607 stores across approximately 37,352 multi-brand outlets with 9,466 points of sale in department stores across India.