Indian Terrain Fashions Limited, a leading player in the men’s casual wear market reported widening of net loss to Rs 15 crore ($1.8 million) for the April-June quarter, as against net loss of Rs 3 crore in the year-ago quarter.
The company’s revenue for the quarter was down by 26 percent to Rs 68 crore, as against Rs 92 crore in the corresponding quarter of the previous fiscal year.
Commenting on the Q1 results, Charath Narsimhan, managing director CEO of Indian Terrain in a statement said, “This quarter has been particularly challenging, characterised by subdued demand across the market, which led to a notable decline in revenue from both retail and wholesale segments. The strategic decision to discontinue our boy’s wear operations further exacerbated the situation, along with a decline in men’s wear sales, resulting in pressure on margins and overall profitability.”
“Despite the challenges, we are committed to our strategic priorities and believe revenue has bottomed out, expecting it to rise in the coming quarters,” he added.
Indian Terrain retails across the country through its 234 exclusive outlets, multi-brand outlets, large format stores such as Lifestyle, Shoppers Stop, Pantaloons and leading e-commerce platforms.
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