Latest News | Aditya Birla Fashion and Retail Q2 Net Loss Widens to Rs 188.22 Cr

New Delhi, Nov 6 (PTI) Aditya Birla Fashion and Retail Ltd on Friday reported widening of its consolidated net loss to Rs 188.22 crore for the second quarter ended September 30, 2020, impacted by the COVID-19 pandemic.

The company had posted a net loss of Rs 2.35 crore in July-September quarter a year ago, Aditya Birla Fashion and Retail Ltd (ABFRL) said in a BSE filing.

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Its total income declined 49.60 per cent to Rs 1,171.32 crore during the quarter under review from Rs 2,324.35 crore in the corresponding quarter of last fiscal.

Following an almost washout quarter in June in the wake of the COVID-19 pandemic, September quarter showed signs of swift recovery across businesses, ABFRL said.

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"Most of the stores opened with footfalls rising gradually...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," the company said.

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".

The company remains steadfast in its commitment to delight customers through innovative products, fresh assortment of categories, and unconventional routes to market.

This, along with an unwavering focus on optimising cost and conserving cash and meticulous execution of capital raising initiatives, will enable ABFRL to emerge stronger on the other side of this global crisis, it added.

Last month, ABFRL had announced Rs 1,500-crore capital infusion by Flipkart.

Flipkart will hold 7.8 per cent stake in ABFRL upon successful completion of this transaction.

ABFRL said these funds will be utilised to strengthen the balance sheet and pursue growth across current businesses and new lines of business such as innerwear, casual wear and ethnic wear.

Shares of Aditya Birla Fashion Retail were trading 0.78 per cent lower at Rs 153.60 apiece on the BSE on Friday.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)