On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Aditya Birla Fashion &
Retail has increased 18.30% to Rs 3406.65 crore. Sales of Madura
Fashion & Lifestyle segment has gone up 2.96% to Rs 1,861.75 crore
(accounting for 53.66% of total sales). Sales of Pantaloons segment
has gone up 10.37% to Rs 895.03 crore (accounting for 25.80% of total
sales). Sales of Ethnic and Others segment rose 111.40% to Rs 712.43
crore (accounting for 20.54% of total sales). Inter-segment sales
came down from Rs 76.38 crore to Rs 62.56 crore.
Profit before interest, tax and
other unallocable items (PBIT) reported loss of Rs -74.20 crore compared to
loss / profit of Rs. -110.43 Cr.PBIT of Madura Fashion & Lifestyle segment
rose 286.97% to Rs 131.53 crore (accounting for -177.26% of total
PBIT). PBIT of Pantaloons segment rose 5.50% to Rs -74.76 crore
(accounting for 100.75% of total PBIT). PBIT of Ethnic and Others
segment fell 100.54% to Rs -130.97 crore (accounting for 176.51% of total
PBIT).
PBIT margin of Madura Fashion &
Lifestyle segment rose from 1.88% to 7.06%. PBIT margin of
Pantaloons segment rose from negative 9.76% to negative 8.35%. PBIT
margin of Ethnic and Others segment rose from negative 19.38% to negative
18.38%. Overall PBIT margin rose from 3.74% to -2.14%.
Operating profit margin has jumped
from 6.70% to 8.33%, leading to 47.14% rise in operating profit to Rs 283.68
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 11.07% to 9.41%. Purchase of finished
goods cost fell from 35.20% to 31.76%. Employee cost increased from
13.85% to 14.79%. Other expenses rose from 33.43% to 35.27%.
Selling and administration expenses rose from 7.18% to 7.61%.
Other income rose 140.36% to Rs
87.49 crore. PBIDT rose 61.94% to Rs 371.17
crore. Provision for interest rose 65.58% to Rs 235.51
crore. Loan funds rose to Rs 9,451.40 crore as of 31 March 2024 from
Rs 6,572.86 crore as of 31 March 2023. Inventories rose to Rs
4,505.34 crore as of 31 March 2024 from Rs 4,214.38 crore as of 31 March
2023. Sundry debtors were higher at Rs 1,278.81 crore as of 31 March
2024 compared to Rs 886.44 crore as of 31 March 2023. Cash and bank
balance declined from Rs 701.06 crore as of 31 March 2023 to Rs 462.39 crore as
of 31 March 2024. Investments rose to Rs 984.83 crore as of 31 March
2024 from Rs 266.58 crore as of 31 March 2023 .
PBDT rose 55.98% to Rs 135.66
crore. Provision for depreciation rose 30.68% to Rs 455.39
crore. Fixed assets increased to Rs 8,836.63 crore as of 31 March
2024 from Rs 6,233.39 crore as of 31 March 2023. Intangible assets
increased from Rs 2,329.70 crore to Rs 3,200.99 crore.
Profit before tax down 22.26% to Rs
-319.73 crore. Share of profit/loss was 136.86% higher at Rs 5.59
crore. Provision for tax was credit of Rs 47.79 crore, compared to
credit of Rs 64.61 crore. Effective tax rate was 15.21% compared to
24.93%.
Minority interest decreased 383.95%
to Rs -36.78 crore. Net profit attributable to owners of the company
decreased 22.80% to Rs -229.57 crore.
Equity capital increased from Rs
948.79 crore as of 31 March 2023 to Rs 1,015.01 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 51.85% as of 31
March 2024 ,compared to 55.47% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Aditya Birla Fashion &
Retail has increased 12.71% to Rs 13995.86 crore. Sales of Madura
Fashion & Lifestyle segment has gone up 2.45% to Rs 7,793.72 crore
(accounting for 54.46% of total sales). Sales of Pantaloons segment
has gone up 5.29% to Rs 4,328.27 crore (accounting for 30.24% of total
sales). Sales of Ethnic and Others segment rose 118.83% to Rs
2,190.04 crore (accounting for 15.30% of total sales). Inter-segment
sales rose Rs 300.88 crore to Rs 316.17 crore.
Profit before interest, tax and
other unallocable items (PBIT) has slumped 78.56% to Rs 82.31
crore. PBIT of Madura Fashion & Lifestyle segment rose 30.54% to
Rs 591.73 crore (accounting for 718.90% of total PBIT). PBIT of
Pantaloons reported loss of Rs 83.33 crore compared to profit of Rs 98.65 crore. PBIT
of Ethnic and Others segment fell 153.67% to Rs -426.09 crore (accounting for
-517.66% of total PBIT).
PBIT margin of Madura Fashion &
Lifestyle segment rose from 5.96% to 7.59%. PBIT margin of
Pantaloons segment fell from 2.40% to 1.93%. PBIT margin of Ethnic
and Others segment fell from negative 16.78% to negative
19.46%. Overall PBIT margin fell from 3.02% to 0.58%.
Operating profit margin has declined
from 12.03% to 10.38%, leading to 2.74% decline in operating profit to Rs
1,452.61 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 9.12% to 10.57%. Purchase of
finished goods cost fell from 40.61% to 33.49%. Employee cost
increased from 11.45% to 13.22%. Other expenses rose from 27.89% to
32.21%. Selling and administration expenses rose from 6.57% to
7.02%.
Other income rose 104% to Rs 237.58
crore. PBIDT rose 4.98% to Rs 1690.19 crore. Provision
for interest rose 85.58% to Rs 876.61 crore. Loan funds rose to Rs
9,451.40 crore as of 31 March 2024 from Rs 6,572.86 crore as of 31 March
2023. Inventories rose to Rs 4,505.34 crore as of 31 March 2024 from
Rs 4,214.38 crore as of 31 March 2023. Sundry debtors were higher at
Rs 1,278.81 crore as of 31 March 2024 compared to Rs 886.44 crore as of 31
March 2023. Cash and bank balance declined from Rs 701.06 crore as
of 31 March 2023 to Rs 462.39 crore as of 31 March 2024. Investments
rose to Rs 984.83 crore as of 31 March 2024 from Rs 266.58 crore as of 31 March
2023 .
PBDT fell 28.49% to Rs 813.58
crore. Provision for depreciation rose 34.90% to Rs 1655.23
crore. Fixed assets increased to Rs 8,836.63 crore as of 31 March
2024 from Rs 6,233.39 crore as of 31 March 2023. Intangible assets
increased from Rs 2,329.70 crore to Rs 3,200.99 crore.
Profit before tax down 842.71% to Rs
-841.65 crore. Share of profit/loss was 86.40% higher at Rs 12.75
crore. Provision for tax was credit of Rs 92.99 crore, compared to
credit of Rs 22.97 crore. Effective tax rate was 11.22% compared to
27.86%.
Minority interest decreased 359.69%
to Rs -107.89 crore. Net profit attributable to owners of the
company decreased 1,644.50% to Rs -628.02 crore.
Equity capital increased from Rs
948.79 crore as of 31 March 2023 to Rs 1,015.01 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 51.85% as of 31
March 2024 ,compared to 55.47% as of 31 March 2023 .
ore during the year ended March
2022.
Operational
highlights:
Network: Total network at 4664 stores
spanning 11.9 Mn sq.ft.
Lifestyle brands - In a
sluggish market, lifestyle brands grew 2% YoY to reach Rs. 1564 Cr.
Youth Western wear
segment consists of American Eagle and Forever 21. American Eagle delivered
another quarter of strong performance as sales grew 27%, led by strong
distribution expansion. The brand added 6 more stores this
quarter to exit at 65
stores, along with being available across 120+ departmental doors.
Inner wear &
athleisure segment posted flat revenue growth YoY in Q4, driven by a sustained
decline in the athleisure segment. The innerwear category grew 12% this
quarter. During the year, the business bolstered its reach by adding
3000 MBOs to exit with
35000 trade outlets.
Reebok grew 29% this
quarter, with the brand profitably crossing Rs. 450 Cr in revenue within its
first full year of operations with the Company. The brand continues to
aggressively expand its distribution network and ended the year with
a presence across 160+
stores and 900+ MBOs & departmental stores.
De-merged Aditya Birla Fashion &
Retail Limited-Masstige & Value Retail play under Pantaloons & Style Up;
Ethnic Portfolio - One of India’s most comprehensive ethnic wear portfolio; Super
Premium – The Collective & Mono brands portfolio and TMRW – Leading
portfolio of digital first fashion brands.
Pantaloons segment – The business
posted quarterly sales of Rs. 895 Cr, representing a growth of 10% YoY. L2L
growth for the quarter was 1%. Private label (PL) sales were up 6% for FY24
with the mix expanding by
140bps, driven by improvement in
design aesthetics of private label products along with expanding the portfolio
with new labels & categories.
Ethnic business grew 51% YoY this
quarter (excluding TCNS), driven by higher same store sales, network expansion
and category extensions. Premium ethnic wear brands – The men’s premium ethnic
wear brand TASVA doubled its revenue over LY in FY24 by leveraging the
learnings from the last one year to refine its growth strategy. Jaypore grew
18% YoY this quarter as the brand expanded its network to 25 stores. TCNS
revenue in Q4 stood at 79% of last year due to rationalization of its
distribution, with a clear focus on growing in profitable channels only.
Super premium brands, comprising the
multi-brand format “The Collective” and other super-premium brands, delivered a
solid performance in Q4 with YoY revenue growth of 16%. E-com channel for the
business surpassed Rs. 100 Cr. this fiscal year, continuing its strong organic
growth. The total network, including Mono brands, spans 39 stores at the end of
this fiscal.
TMRW portfolio grew to 2.1 times of
LY in Q4 as it integrated the newly acquired brand, The India Garage Company.
The organic growth was driven by continuing investment in brand building
initiatives, expanding product portfolio and launching new categories.
| Aditya Birla Fashion & Retail : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,406.65 | 2,879.73 | 18.30 | 13,995.86 | 12,417.90 | 12.71 | | OPM (%) | 8.33 | 6.70 | 163 bps | 10.38 | 12.03 | -165 bps | | OP | 283.68 | 192.80 | 47.14 | 1,452.61 | 1,493.58 | -2.74 | | Other Inc. | 87.49 | 36.40 | 140.36 | 237.58 | 116.46 | 104.00 | | PBIDT | 371.17 | 229.20 | 61.94 | 1,690.19 | 1,610.04 | 4.98 | | Interest | 235.51 | 142.23 | 65.58 | 876.61 | 472.36 | 85.58 | | PBDT | 135.66 | 86.97 | 55.98 | 813.58 | 1,137.68 | -28.49 | | Depreciation | 455.39 | 348.48 | 30.68 | 1655.23 | 1226.96 | 34.90 | | PBT | -319.73 | -261.51 | -22.26 | -841.65 | -89.28 | -842.71 | | Share of Profit/(Loss) from Associates | 5.59 | 2.36 | 136.86 | 12.75 | 6.84 | 86.40 | | PBT before EO | -314.14 | -259.15 | -21.22 | -828.9 | -82.44 | -905.46 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | -314.14 | -259.15 | -21.22 | -828.9 | -82.44 | -905.46 | | Taxation | -47.79 | -64.61 | 26.03 | -92.99 | -22.97 | -304.83 | | PAT | -266.35 | -194.54 | -36.91 | -735.91 | -59.47 | -1,137.45 | | Minority Interest (MI) | -36.78 | -7.6 | -383.95 | -107.89 | -23.47 | -359.69 | | Net profit | -229.57 | -186.94 | -22.80 | -628.02 | -36 | -1,644.50 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -229.57 | -186.94 | -22.80 | -628.02 | -36 | -1,644.50 | | EPS (Rs)* | -2.26 | -1.84 | -22.80 | -6.18 | -0.35 | -1,644.50 | | | * EPS is on current equity of Rs 1,016.09 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Aditya Birla Fashion & Retail : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Madura Fashion & Lifestyle | 53.66 | 1,861.75 | 1,808.19 | 2.96 | 54.46 | 7,793.72 | 7,607.05 | 2.45 | | Pantaloons | 25.80 | 895.03 | 810.91 | 10.37 | 30.24 | 4,328.27 | 4,110.93 | 5.29 | | Ethnic and Others | 20.54 | 712.43 | 337.01 | 111.40 | 15.30 | 2,190.04 | 1,000.80 | 118.83 | | Total Reported Sales | 100.00 | 3,469.21 | 2,956.11 | 17.36 | 100.00 | 14,312.03 | 12,718.78 | 12.53 | | Less: Inter segment revenues | | 62.56 | 76.38 | -18.09 | | 316.17 | 300.88 | 5.08 | | Net Sales | 100.00 | 3,406.65 | 2,879.73 | 18.30 | 100.00 | 13,995.86 | 12,417.90 | 12.71 | | PBIT | | Madura Fashion & Lifestyle | -177.26 | 131.53 | 33.99 | 286.97 | 718.90 | 591.73 | 453.29 | 30.54 | | Pantaloons | 100.75 | -74.76 | -79.11 | 5.50 | -101.24 | -83.33 | 98.65 | PL | | Ethnic and Others | 176.51 | -130.97 | -65.31 | -100.54 | -517.66 | -426.09 | -167.97 | -153.67 | | Total PBIT | 100.00 | -74.20 | -110.43 | 32.81 | 100.00 | 82.31 | 383.97 | -78.56 | | Less : Interest | | 235.51 | 142.23 | 65.58 | | 876.61 | 472.36 | 85.58 | | Add: Other un-allcoable | | -4.43 | -6.49 | 31.74 | | -34.60 | 5.95 | PL | | PBIT Margin(%) | | Madura Fashion & Lifestyle | | 7.06 | 1.88 | 518.51 | | 7.59 | 5.96 | 163.36 | | Pantaloons | | -8.35 | -9.76 | 140.29 | | -1.93 | 2.40 | -432.49 | | Ethnic and Others | | -18.38 | -19.38 | 99.57 | | -19.46 | -16.78 | -267.22 | | PBT | 100.00 | -314.14 | -259.15 | -21.22 | 100.00 | -828.90 | -82.44 | -905.46 |
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