Aditya Birla Fashion and Retail (ABFRL), formerly known as Pantaloons Fashion, has reported an over five-fold increase in standalone net profit at Rs 113.12 crore for the March quarter, helped by a deferred tax gain of Rs 68.82 crore.
“Based on management’s best estimate of future taxable income, during the year the company has recognised deferred tax assets amounting to Rs 68.82 crore on the brought forward losses available for utilisation,” the company said in a regulatory filing.
The company had posted a net profit of Rs 21.83 crore in the January-March quarter of the last fiscal.
Total income of the company for the quarter under review stood at Rs 1,764.35 crore. It was Rs 1,642.48 crore during the same period of last year.
Effective July 1, 2017, sales are recorded net of GST whereas earlier the same was recorded gross of excise duty which formed part of expenses. Hence, revenue from operations for the three months and year ended March 31, 2018 are not comparable with previous period corresponding figures, the company said.
ABFRL’s board also approved raising up to Rs 1,000 crore through issuance of equity shares and/or any other security/ financial instrument convertible into equity shares (including warrants or otherwise, in registered or bearer form).