24 February 2023, Mumbai
For the third quarter Aditya Birla Fashion and Retail’s consolidated net profit fell by 94 per cent compared to the same period a year ago.
This was due to an increase in marketing and strategic expenditures in new projects. When compared to the same quarter a year prior, its operating revenue increased by 20 per cent. Overall costs for the third quarter were up 31 per cent. Strong like-to-like across branded businesses and continuous e-commerce performance were the main drivers of growth in the quarter.
The company resumed its rigour in enhancing its brands and increasing customer interaction. The quarter also witnessed enhanced marketing investments across companies after a two-year sabbatical. On the strength of the resurgence of the wholesale business and strong retail sales, Aditya Birla’s revenue from the Madura Fashion & Lifestyle sector increased 23 per cent. Inspite of the impact of the third wave of Covid on large format stores, Pantaloons’ revenue increased by eight per cent.
Aditya Birla maintained network growth, adding 15 new stores to its ethnic business network while adding 245 to its branded business network, including newly integrated Reebok outlets. The network of Pantaloons gained ten additional stores, bringing the total to 406.
