Aditya Birla Fashion and Retail Ltd (ABFRL) reported a consolidated net loss of Rs 200 crore ($25 million) for the September quarter, as against a net profit of Rs 29 crore in the year-ago period.

The company’s revenue for the quarter rose by 5 percent to Rs 3,226 crore, as against Rs 3,075 crore posted in the corresponding period of the previous fiscal year.

“Our businesses demonstrated notable resilience amid the overall slowdown and added challenges of a shift in festive season and fewer wedding dates. Net profit for the quarter was affected by negative operating leverage resulting from subdued sales in a weak demand environment. Continued growth investments in new businesses also had an impact on profitability for the quarter,” ABFRL said in a statement.

“Despite these market conditions, ABFRL remains steadfast in its commitment to its strategic vision. By doubling down on innovation with new product launches, enhancing customer interactions and experience, expanding our reach across channels and markets, and streamlining operations, we have laid the groundwork for future growth and resilience,” it added.

During the quarter, the company opened 48 more stores. ABFRL’s store network has now grown to 4050 plus as of September 30, 2023.