Aditya Birla Fashion and Retail Ltd (ABFRL) is looking at FY23 with cautious optimism and the company is on a growth trajectory with a digitally and structurally transformed business, its Chairman Kumar Mangalam Birla has said.
The Indian economy is headed towards a steady recovery and as the vaccination drives progress, consumers are expected to get back to shopping with renewed confidence, Birla said in the company's annual report for 2021-22
"As mobility picks up, the demand for categories including formals, occasion wear, festive wear and accessories will recover," he said.
"The next fiscal is going to be a race to normalcy for the industry with re-invigorated market sentiments."
For the long-term, India remains on a strong value creation path considering the underlying growth drivers like favourable demographics, increasing per capita and disposable income, and growing consumption.
Given the inherent strengths of ABFRL, "we are again at a moment where we are uniquely positioned to invest for long-term growth and explore new paradigms", he added.
ABFRL, which has substantially invested in digital platforms such as e-commerce, omnichannel and D2C business post-pandemic, will continue investing in building its digital capabilities further to make it intrinsic to its business model, the report said.
"With a digitally and structurally transformed business, your Company is on a growth trajectory to make the most of post-pandemic opportunities," he added. More than 1,000 stores of Madura brands and 300 stores of Pantaloons are now fully omnichannel enabled.