Aditya Birla Fashion and Retail Limited
10 Aug 2026
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This is Archana Menon from Morgan Stanley. My first question was on the TCNS business. So just want to get a better understanding about the performance this quarter, because there seems to be a difference between the reported revenue growth and the retail growth. And even for the retail growth, when I look at the LTL numbe rs, it seems to have come down from the 7%, 8% growth last 2 quarters, to 2% this quarter.
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How should we be thinking about this for the rest of the year, both in terms of LTL and new store openings?
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Understood. And on the core Pantaloons business, so ex of OWND, could you help us understand how the profitability for the Pantaloons brand has been moving?
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