India’s largest manufacturing and retail branded fashion apparel firm and a part of Aditya Birla Group, Aditya Birla Fashion and Retail Limited (ABFRL), on Friday reported widening of its consolidated net loss to Rs. 188.22 crore for the second quarter ended 30 September 2020.
Compared to the same, the company registered a net loss of Rs. 2.35 crore in the corresponding quarter of last fiscal.
The global pandemic of COVID-19 is said to be the reason of the huge fall this time around.
ABFRL’s total income dropped 49.60 per cent to Rs. 1,171.32 crore in the quarter under review, which stood at Rs. 2,324.35 last year.
The losses may be huge, but the company maintains that given the completely disastrous quarter in June owing to coronavirus, it experienced signs of recovery across businesses during the September quarter.
ABFRL highlighted in a recent statement that most part of the ‘recovery was driven by an agile and innovative mindset, exhibited through the creation of new products and channels.’
The company further underlined that it is ‘confident of consistent recovery in business over the next two quarters and is on track to restore normalcy of operations by Q4 FY21’.