Leading apparel retailer Fabindia has narrowed its losses and seen its revenue surge by 29 per cent in financial year 2021-2022.
The initial public offer (IPO)-bound company known for its ethnic apparels posted revenues of Rs. 1,392 crore during the year ended March 2022 with a net loss of Rs. 39 crore.
Notably, during FY ’21, the company incurred a net loss of Rs. 117 crore on revenue of Rs. 1,081 crore.
The company, which has over 300 stores, has received approval for its Rs. 4,000-crore IPO from Security Exchange Board of India (SEBI).
In its regulatory filing, the company said that following relaxation in Covid pandemic-related restrictions starting June 2021, improved customer sentiment further aided by the festive season and expansion of the retail store portfolio, the trajectory of revenues continued to improve month-on-month till year-end.
However, the relative operating performance for a few weeks during the period January-February 2022 got impacted due to temporary restrictions imposed in the wake of third wave of the pandemic, but thereafter resilience was seen in revenues which resulted in significant improvement in overall performance.
