ABFRL

Aditya Birla Fashion and Retail’s (ABFRL) combined revenue grew 6% YoY, driven primarily by robust growth in ABFRL (demerged). EBITDA increased significantly, driven by improved profitability in Ethnic and Pantaloons and demerger-related adjustments. ABFRL (demerged) revenue grew 9% YoY, driven by strong performance in Ethnic (+19% YoY) and TMRW (+27% YoY), while Pantaloons posted a 1% YoY decline. EBITDA improved sharply on account of ~470bp margin expansion in Pantaloons and significant margin expansion to ~10% in Ethnic. Aditya Birla Lifestyle Brands (ABLBL) delivered ~2.5% revenue growth on the back of ~9% retail LTL for Lifestyle Brands and ~24% EBITDA growth driven by ~285bp margin expansion on reduced markdowns, better channel mix, etc