Aditya Birla Fashion and Retail Ltd (ABFRL), an Indian clothing retail chain, reported 55 per cent decrease in its revenue from operations to Rs. 1,028.13 crore in the second quarter (Q2) FY21 that ended on September 30, 2020, compared to Rs. 2,307.78 crore in the same period prior fiscal. Net loss for the quarter was Rs. 188.2 crore (Q2 FY20: Rs. 2.31 crore).
Company’s loss before tax was Rs. 250.88 crore compared to profit before tax of Rs. 25.29 crore in Q2 FY20. Total comprehensive loss for the period was Rs. 186.37 compared to profit of Rs. 9.69 crore.
Sales of Madura Fashion & lifestyle segment dropped to Rs. 715.33 crore (Rs. 1,473.34 crore). While Pantaloons sales were Rs. 368.57 crore (Rs. 915.01 crore).
Company reported that following an almost washout quarter in June in the wake of Covid19 pandemic, the September quarter showed signs of swift recovery across businesses. Most of the stores opened with footfalls rising gradually. As a result, the revenues after falling to 16 per cent of the previous year in Q1, recovered to 45 per cent of the previous year in Q2.
ABFRL also announced a capital infusion from Flipkart of Rs. 1500 cr. Flipkart will hold 7.8 per cent stake in ABFRL upon the successful completion of this transaction.
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