ABFRL loss after tax widens to Rs 214.92 crore in Q1

New Delhi: Aditya Birla Fashion and Retail Ltd on Wednesday reported a widening of consolidated loss after tax at Rs 214.92 crore in the first quarter ended June 30, 2024, impacted by higher expenses in a subdued consumption environment.

The company had posted a consolidated net loss after tax of Rs 161.62 crore in the same quarter last fiscal, Aditya Birla Fashion and Retail Ltd (ABFRL) said in a regulatory filing.

Consolidated revenue from operations stood at Rs 3,427.82 crore in the first quarter as against Rs 3,196.06 crore in the year-ago period, the company added.

Total expenses in the quarter were higher at Rs 3,724.89 crore as compared to Rs 3,458.02 crore in the year-ago period.

"Businesses continued to navigate through a subdued consumption environment which was further exacerbated by a prolonged heat wave and weak wedding season," the company said.

Net profit at a consolidated level was impacted due to continued investments in digital-first fashion brands TMRW and losses in premium ethnic wear brands TCNS, it added.

This quarter's growth was predominantly driven by newer businesses operating in emerging consumer segments, it added.

During the quarter all businesses continued to pursue margin expansion over revenue growth in the challenging environment, the company said.

On the outlook, the company said, "Our performance over the last few quarters validates the strategy of expanding our portfolio into new high-growth segments. As the market navigates through current headwinds, we remain steadfast with our focus on driving profitable growth."