The National Company Law Tribunal (NCLT) has approved the amalgamation of TCNS Clothing with Aditya Birla Fashion and Retail Ltd as per the BSE filing.
In May 2023, ABFRL announced the acquisition of a majority stake in TCNS Clothing in a deal worth Rs 1,650 crore.
And, in June 2023, the Competition Commission of India (CCI) gave its approval to the acquisition of TCNS Clothing Co by ABFRL. In September, ABFRL completed the acquisition of a 51% stake in TCNS Clothing, thereby becoming its promoter.
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ABFRL posted a net loss of Rs 161 crore in the June quarter of FY25. The company’s revenue rose 7% to Rs 3,428 crore in Q1FY25 from Rs 3,196 crore YoY.
“As we look back at the first quarter of this fiscal, the overall consumption environment has remained weak. The apparel market, in particular, was further impacted by a subdued wedding season and prolonged heat wave, all of which have contributed to reduced consumer activities,” Jagdish Bajaj, Chief Financial Officer at ABFRL said during the Q1 earning call.
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The company’s ethnic portfolio posted sales of Rs 350 crore with the inclusion of TCNS. CFO Bajaj said that TCSN revenue stood at Rs 206 crore, 84% last year, on account of network rationalization.
Aditya Birla FAshion and Retail Ltd share price dropped by 0.66% to Rs 318.15 at 11:56 am on Tuesday.