One of India’s biggest retailers, Aditya Birla Fashion and Retail Limited, has unveiled their Q4 financial report that highlights a net loss of Rs. 146.59 crore.
The losses grew from the initial Rs. 37.64 crore that were reported in Q3. The retailer closed the year at a net loss of Rs. 165 crore for FY2020.
Total revenue for the retailer stood at Rs. 1,848.5 crore, which is a 4 per cent decline from the previous quarter, but the total revenue for the financial year which amounted to Rs. 8,853 crore saw a 7 per cent rise from the previous year.
Although the company expanded across many retail locations around the country, lockdowns and disruptions in supply chain led to a halt on retail as well as manufacturing activities.
The company is reviving their retail outlets as they report more than one-third of their stores have now been reopened along with reopening of all of its manufacturing units spread across India.
Their financial report stated that the company has raised around Rs. 1,000 crore in rights issue which will bolster long-term growth.
The company’s Madura division, which includes brands like Van Heusen, Louis Philippe, Peter England, Allen Solly and many more, saw a 7 per cent decline in the revenue.
This division saw addition of a new brand Jaypore into its portfolio. Pantaloons division recorded a small revenue fall of 1 per cent due to its highly successful previous quarters.
“…the Company had to shut down its entire retail network through the month in line with the nationwide lockdown announced by the Government of India. This unprecedented disruption had an adverse impact on the quarterly performance, and led to a decline in sales and profits for the fourth quarter over the same period last year,” read their report.
