Shares of Aditya Birla Fashion And Retail Ltd. tumbled over 8% on Monday after it reported a loss in the first quarter, missing analysts' estimates.
The company's net loss stood at Rs 141.43 crore in the quarter ended June, compared with the Rs 97.4 crore in profit reported in the year ago period, according to an exchange filing. That compares with a net loss of Rs 129.15 crore expected by analysts tracked by Bloomberg.
Aditya Birla Fashion Q1 FY24 Highlights (Consolidated, YoY)
Revenue from operations rose 11.17% to Rs 3196 crore.
Ebitda down 29% to Rs 353 crore
Ebitda margin fell to 11.04% from 17.4% a year ago
The company saw a slowdown across markets in discretionary spending. The firm's wedding category was also severely impacted due to fewer weddings, and athleisure and lounge wear continue to be a drag on the portfolio.
Shares of the company fell 6.72% to Rs 195.70 apiece, compared to a 0.31% advance in the Nifty 50 as of 10:44 a.m. The stock fell as much as 8.03% intraday.
The total traded quantity so far in the day stood at 8.5 times the 30-day average volume. The stock's relative strength index stands at 30.88, indicating that the stock is neither overbought nor oversold.
Out of the 25 analysts tracking the stock, 11 maintain a 'buy', nine recommend a 'hold', and five suggest a 'sell', according to Bloomberg data. The consensus price estimate indicates a 17% upside over the next 12 months.
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