Aditya Birla Fashion and Retail Limited (ABFRL) reported a net loss of 195.86 crore rupees ($26.93 million) in the fourth quarter of India’s 2021 financial year, which ended March 31, widening from 146.59 crore rupees ($20.14 million) for the same period a year earlier. Net sales fell 0.6 percent to 1,821.58 crore rupees ($250.4 million) year-on-year.

Throughout the majority of this quarter, India was riding a wave of strong economic and consumption recovery, before localised shutdowns to control the spread of the country’s devastating second wave of Covid-19 infections began in March.

The company delivered a consolidated EBITDA of 253 crore rupees ($34.8 million) in the quarter, growing 51 percent year-on-year due to a strong sales recovery. Throughout the whole financial year, the group added 400 new stores to its portfolio, scaling up across city tiers and focusing on product categories, such as casual and activewear, that have received a boost thanks to the pandemic.