ABFRL returns to profit in Q3

Aditya Birla Fashion and Retail Ltd (ABFRL) of the Aditya Birla Group reported a third quarter net profit of 58 crore against a net loss of ₹38 crore in the year-earlier period following improvement in performance.

Revenue, however, declined to ₹2,076 crore(₹2,583 crore).

Aided by business performance with aggressive cost and working capital control measures, ABFRL generated almost ₹588 crore in cash this quarter, the company said.

“The company is on course to close this fiscal with a net debt reduction of 90% over the start of the year,” it added.

ABFRL said the business recovery will continue as the impact of the pandemic wears down over the next few quarters and its consistent growth trajectory would resume next year.

“The company remains focused on leveraging its strong brand portfolio, evolving its product profile in line with changing consumer preferences, and expanding its reach,” it said.

“On the business front, a sharp focus on cost and a persistent control on leverage will continue to guide its business model, going forward. The company, therefore, is poised to emerge stronger from the pandemic,” it added.

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