Aditya Birla Fashion and Retail shares decline nearly 2% after Q3 results

Shares of Aditya Birla Fashion and Retail Ltd (ABFRL) fell nearly 2 per cent in late morning trade on Wednesday after the fashion retailer reported decline in net profit for the third quarter.

In late morning trade, shares of the firm fell 1.63 per cent to Rs 247.55 apiece on the NSE. On the BSE, the stock went lower by 1.47 per cent to Rs 247.45.

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ABFRL on Wednesday reported 94.3 per cent decline in consolidated net profit at Rs 11.21 crore for the third quarter ended December 31, 2022 on account of an increase in marketing and strategic investments in new ventures.

It had logged a net profit of Rs 196.80 crore in October-December period of previous fiscal year, the company said in a regulatory filing.

However, revenue from operations was up 20.14 per cent to Rs 3,588.80 crore during the quarter under review as against Rs 2,987.10 crore in the year-ago period.

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