Aditya Birla Fashion and Retail posts Q3 net profit of Rs 58.55 crore

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Aditya Birla Fashion and Retail on Monday reported a consolidated net profit of Rs 58.55 crore for the quarter ended December.

The company had posted a net loss of Rs 37.64 crore in the corresponding period of the previous fiscal.

Totalincome stood at Rs 2,133.14 crore for the quarter under consideration, down 17.87 per cent as against Rs 2,597.34 crore for the same period year ago, Aditya Birla Fashion and Retail said in a BSE filing.

The company said Q3 saw a significant acceleration of business recovery along sequential quarters; consumers started coming back to stores and continued to buy more online due to buoyant festive mood and visibility of a declining infection spread.

The pace and extent of recovery that started with the opening of stores in Q2 was amplified on the back of a large pent up demand, strong festive spirit and a concentrated wedding season, the company added.

The company said it is confident that the business recovery will continue as the impact of the pandemic wears down over the next few quarters and expects to resume its consistent growth trajectory 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.

"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," the companysaid.

Shares of Aditya Birla Fashion and Retail in late afternoon trade declined 1.20 percent to Rs 164.70 apiece on BSE.

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