Aditya Birla Fashion & Retail (ABFRL) reported a consolidated net loss of Rs 146.59 crore in the fiscal fourth quarter to March 31, 2020, impacted by the coronavirus pandemic.
The company, which had posted a consolidated net profit of Rs 202.64 crore in the same quarter a year ago.
Revenue from operations during the quarter under review stood at Rs 1,831.88 crore. It was at Rs 1,915.31 crore in the year-ago period.
As the country was struck by the COVID-19 pandemic early March, leading to movement restrictions and heightened sense of insecurity among people, consumers started to stay away from all non-essential shopping.
This dramatically reduced the footfalls at stores across the country, leading to a steep decline in sales from the second week of March.
For the fiscal ended March 31, 2020, the company posted a consolidated net loss of Rs 165.02 crore. It had posted a consolidated net profit of Rs 149.1 crore in the previous fiscal.
Revenue from operations in 2019-20 stood at Rs 8,787.86 crore. It was at Rs 8,117.72 crore in 2018-19.
Meanwhile, ABFRL is set to launch rights issue worth Rs 1,000 crore at the earliest, as part of its fund-raising plans for the current fiscal as well to cap the leverage.
The rights issue is part of their objectives of reducing leverage, strengthening balance sheet apart from funding general corporate expenses, including working capital.
ABFRL is the country’s largest pure-play fashion and lifestyle player with a strong bouquet of fashion brands and retail formats with a network of over 3,040 stores, and presence across 25,000 multi-brand outlets across the country.
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.