ABFRL Q1 Review – Strong Performance Amid Macro Challenges: Systematix

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Systematix Research Report

Aditya Birla Fashion and Retail Ltd. reported in line Q1 FY23; revenue was up 254% YoY (39% over Q1 FY20) at Rs 28.8 billion, driven by improved consumer traffic across businesses and channels.

Revenues in Lifestyle and Pantaloons surged 3.5 times (51% higher versus pre-Covid) and 4.7 times (15% versus pre-Covid) YoY, respectively.

Higher priced products saw sharp recovery, with growth in value segment too not facing any challenge. New store additions and category extensions multiplied growth by ~2.7 times in the ethnic segment.

Gross margin expanded 510 basis points YoY to 55.8%, while Ebitda margin at 16.3% came from better operating leverage. Aditya Birla Fashion and Retail’s net debt reduced to ~Rs 6.5 billion from ~Rs 25 billion in FY20.

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