Aditya Birla Fashion Q1 Review - Narrative Changing Towards Profitability; Maintain Hold: Axis Securities

Axis SecuritiesResearch Report

We believe the Aditya Birla Fashion and Retail Ltd.'s management’s renewed strategy to focus on profitability is a step in the right direction.

Further, its past strategy of revamping product strategy through new launches and acquisitions, renewing brand positioning, and undertaking a digital transformation to increase online sales contributions (including next-generation digital-first brands under its technology-led ‘House of D2C Brands’ venture TMRW) should drive long term growth.

However, these initiatives will take time to yield results. Additionally, the demand environment remains challenging, with a meaningful recovery likely only in H2 FY25. Hence, we maintain our Hold rating on the stock.

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