Fashion
Aditya Birla Fashion and Retail’s net loss worsens
Aditya Birla Fashion and Retail‘s net loss worsened despite higher revenue in the fiscal year ended March 31.
The Indian conglomerate’s full-year net loss stood at 7.36 billion rupees (US$88.3 million) while revenue rose 12.7 per cent to 139.96 billion rupees.
The company saw annual revenue growth across all its Madura Fashion and Lifestyle, Pantaloons, and Ethnic and Other segments.
During the fiscal year, Aditya Birla Fashion and Retail acquired a 51 per cent stake in Styleverse Lifestyle. It also acquired an additional stake in Indivinity Clothing Retail, taking the total stake to 85.54 per cent.
Moreover, the company’s board approved the demerger of Madura Fashion and Lifestyle.
The group’s fourth-quarter net loss widened to 2.66 billion rupees while revenue grew 18.3 per cent to 34.07 billion rupees.
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