The Indian fashion conglomerate posted a loss of 1.08 billion rupees ($13 million) for the quarter ended December 31, compared with a profit of 110 million rupees in the same period a year earlier.
The company said its bottom line was impacted by “higher interest expense due to higher borrowings,” but revenue grew 16 percent to 4,166 crore and EBITDA rose 29 percent to 60.5 billion rupees.
In September, ABFRL completed the acquisition of a 51% stake in TCNS Clothing, which houses traditional Indian brands such as W, Aurelia, Wishful, Folksong and Elleven. The deal was valued at about $202 million.
Prior to TCNS Clothing, ABFRL and other subsidiaries of parent company Aditya Birla Group had investments in Indian designer brands such as Sabyasachi, Tarun Tahiliani, Shantanu and Nikhil, House of Masaba and traditional Indian fashion retailer Jaypore.
ABFRL’s portfolio also includes The Collective, a multi-brand chain that sells global brands such as Ferragamo and Emporio Armani across 12 locations across the country. The company has partnered with international brands such as Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Reebok and French luxury department store Galeries Lafayette for the Indian market.
As of December 31, Aditya Birla Fashion and Retail Limited (ABFRL) has a network of 4,753 stores across India.
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