Aditya Birla Fashion and Retail on Wednesday reported a consolidated net loss of Rs 78 crore in the quarter ended December 31, 2023 (Q3FY24), missing Street estimates by a wide margin. Bloomberg consensus estimates had pegged Q3 net loss at Rs 36 crore.
While this is the third straight quarter of net loss for the company in FY24, it still is lower than the Rs 179 crore and Rs 162 crore consolidated net loss reported by the retailer in the September and June quarters, respectively.
Consolidated revenue for the October-December period grew 16.1% year-on-year to Rs 4,167 crore, ahead of Bloomberg consensus estimates of Rs 4,029 crore for the quarter. Q3 is the festive quarter, where retailers have traditionally seen an uptick in sales, sector experts said. The company said that segments such as youth wear (American Eagle in particular) and ethnic wear saw 34% and 43% year-on-year growth.
Earnings before interest tax depreciation and amortisation (Ebitda) grew 27% year-on-year to Rs 553 crore, which compares favourably with Street estimates of `518 crore for the quarter. Ebitda margins stood at 13.3% in Q3 versus 12.1% reported in the same period last year.
Shares of the company closed 1.02% up on the BSE to Rs 243.20 on the BSE on Wednesday. The results were declared after market hours.
