Following the fashion retailer’s announcement of a reduction in third-quarter net profit, shares of Aditya Birla Fashion and Retail Ltd (ABFRL) dropped by around 2% in late morning trade on Wednesday.
Shares of the company dropped 1.63 percent to Rs 247.55 a share on the NSE in late morning trading. The stock decreased by 1.47 percent to Rs 247.45 on the BSE.
Due to an increase in marketing and strategic expenditures in new projects, ABFRL reported a reduction in consolidated net profit of 94.3%, or Rs 11.21 crore, for the third quarter that ended on December 31, 2022 on Wednesday.
In the previous fiscal year’s October through December, the company reported a net profit of Rs 196.80 crore, according to a regulatory filing.
However, compared to the same quarter last year, operating revenue increased by 20.14% to Rs 3,588.80 crore from Rs 2,987.10 crore.
