The Indian fashion conglomerate’s loss amounted to 108 crore rupees ($13 million) for the quarter ended December 31, in contrast to a profit of 11 crore rupees for the same period last year.

The company said bottom line performance was impacted due to “increased interest costs from higher borrowings”. However, it posted sales growth of 16 percent to 4166 crore rupees, with EBITDA surging 29 percent to 605 crore rupees.

ABFRL completed the acquisition of a 51 percent stake in TCNS Clothing, whose portfolio of traditional Indian brands includes W, Aurelia, Wishful, Folksong and Elleven, in September. The deal was valued at about $202 million.

Prior to TCNS Clothing, ABFRL and other subsidiaries of parent company Aditya Birla Group invested in Indian designer brands including Sabyasachi, Tarun Tahiliani, Shantanu and Nikhil and the House of Masaba and traditional Indian fashion retailer Jaypore.

ABFRL’s portfolio also includes multi-brand chain The Collective, which sells global brands such as Ferragamo and Emporio Armani, across a dozen locations nationwide. It has partnerships with international brands such as Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Reebok and French luxury department store Galeries Lafayette for the India market.

As of December 31, Aditya Birla Fashion and Retail Limited (ABFRL) had a network of 4753 stores across India.

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