Aditya Birla Fashion Annual Report Analysis – A Year Of Firefighting: Motilal Oswal

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The year FY21, which proved to be a tumultuous year for the apparel business, impacted Aditya Birla Fashion and Retail Ltd. even more adversely – high leverage and squeezed working capital led to a strain on liquidity.

This was well responded with equity infusion and unwinding of working capital as market recovered.

Overall revenues declined 40% to Rs 52.5 billion, dragging down Ebitda by 54% to Rs 5.5 billion.

Aditya Birla Fashion’s prompt cost management led to overall decline of 36% in operating cost, excluding raw material.

The Lifestyle brands / Pantaloons segment saw 41%/47% revenue decline to Rs 27.5 billion/Rs 18.6 billion, and Ebitda fell 57%/51% to Rs 3.4 billion/Rs 2.7 billion.

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