Shares of Aditya Birla Fashion and Retail saw a decline in its shares on Thursday after the company swung to a loss in the third quarter.

What Happened: The company’s posted a net loss of ₹107.60 crore for the third quarter, contrasting sharply with the net profit of ₹11.21 crore reported in the same period last year.

Despite the loss, the company’s revenue from operations for the quarter rose 16%, reaching ₹4,166.71 crore compared to ₹3,588.80 crore in the corresponding quarter last year.

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Moreover, the firm’s EBITDA for the quarter surged to ₹605 crore, reflecting a growth of 29%.

Analyst’s Thoughts: Global brokerage house Morgan Stanley has a bearish “underweight” outlook on the stock, assigning a target price of ₹176, implying a downside of 27.5% from the last closing price of ₹243.

Analysts at the brokerage cited a revenue decline in the lifestyle brands segment and athleisure as contributing factors to their assessment.

Price Action: Aditya Birla Fashion and Retail’s share price was down 2.32% at ₹237.75 in afternoon trade on Thursday.

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