Companies

Aditya Birla Fashion posts ₹60-crore profit in Q4

Our Bureau | | Updated on: May 18, 2022
Kumar Mangalam Birla, Chairman, Aditya Birla Group

Kumar Mangalam Birla, Chairman, Aditya Birla Group | Photo Credit: PAUL NORONHA

Reappoints Ashish Dikshit as MD for a period of five years

Aditya Birla Fashion and Retail Ltd posted a profit of ₹60 crore in the fourth quarter of FY22 compared to a loss of ₹89 crore in the same period last year. However, its earnings dropped significantly from ₹254 crore in Q3 of FY22. 

The retail arm of Aditya Birla group earned ₹2,181 crore revenue from operations in the reporting quarter compared to revenue of ₹1,783 crore in the corresponding period last year. Its expense rose from ₹1,893 crore in Q4 FY21 compared to ₹2,145 crore in Q4 of FY22r. 

Covid impact

“The onset of the third Covid wave had an effect in the early part of the 4th quarter. However, business witnessed strong rebound, with Marchsales growing by 50 per cent over last year. We expect this momentum to continue in the coming quarters of this year as well,” the company said in a press statement. 

It also announced the reappointment of Ashish Dikshit as the Managing Director for a period of five years w.e.f. February 1, 2023 and re-designation of Vikram Rao as an Independent Director for a period of five years w.e.f. May 18, 2022, subject to shareholders’ approval

The company has a network of 3,468 stores across approximately 28,585 multi-brand outlets with 6,515 point of sales in department stores across India (as on 31st March 2022).

At the time of the results announcement, the company also said that it has increased its stake in House of Masaba to 52.4 per cent from 51 per cent, ABFRL holds a majority stake in the company. It expects the company’s revenues to touch ₹30 crore in FY22. 

“A rapid revival in demand across categories led to a robust quarterly performance despite the impact of the third wave of the pandemic. The investments in e-commerce and omni-channel expansion have shown results with rising consumer affinity for our brands,” it said.

Published on May 18, 2022
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