The year FY21, which proved to be a tumultuous year for the Apparel business, impacted ABFRL even more adversely high leverage and squeezed working capital led to a strain on liquidity. This was well responded with equity infusion and unwinding of working capital as market recovered. Overall revenues declined 40% to INR52.5b, dragging down EBITDA by 54% to INR5.5b (pre-Ind-AS 116 EBITDA loss of INR4b). The company's prompt cost management led to overall decline of 36% in operating cost, excluding RM (32% on a pre-Ind-AS 116 basis). The Lifestyle Brands / Pantaloons segment saw 41%/47% revenue decline to...