Business: Aditya Birla Fashion and Retail Ltd on Wednesday reported that its consolidated loss widened to Rs 214.92 crore in the first quarter ended June 30, 2024, due to higher expenses in a weak consumption environment. Aditya Birla Fashion and Retail Ltd (ABFRL) said in a regulatory filing that the company had reported a consolidated net loss of Rs 161.62 crore in the corresponding quarter of the previous fiscal. Consolidated revenue from operations stood at Rs 3,427.82 crore in the first quarter as against Rs 3,196.06 crore in the same quarter a year ago, the company said. Total expenses in the quarter increased to Rs 3,724.89 crore as against Rs 3,458.02 crore in the same quarter a year ago. The company said, “The business is facing a weak consumption environment, which has been worsened by a prolonged summer and a weak wedding season.
The company said
Net profit at the consolidated level was impacted due to continued investments in digital-first fashion brand TMRW and losses in premium ethnic wear brand TCNS. The company said that the growth of this quarter was mainly driven by new businesses operating in emerging consumer segments. The company said that during the quarter all businesses continued to pursue margin expansion compared to revenue growth in a challenging environment. Regarding the future, the company said, “Our performance in the last few quarters validates the strategy of expanding our portfolio into new high-growth areas. As the market is dealing with the current adverse conditions, we remain firm with our focus on pursuing profitable growth.
