Chennai-based apparel manufacturer Indian Terrain Fashions Ltd reported a net loss of Rs 3 crore ($3,60,271) for the quarter ended June 30, as against a net profit of Rs 2 crore for the corresponding quarter last year.
The company’s revenue for the quarter was down by 7 percent to Rs 92 crore, as against Rs 99 crore in the corresponding period of the previous fiscal year.
Commenting on the results, Charath Narsimhan, managing director CEO of Indian Terrain in a statement said, “We witnessed muted performance during the quarter due to sluggish demand across the markets leading to lower LFL retail sales and tightening of wholesale distribution channels. However, we expect the market to rebound in the coming quarter with the onset of the festive season.”
“The company will continue to focus on increasing retail led revenue and expand stores in tier 2 and 3 towns. We are optimistic on the business prospects and remain confident of achieving better growth and profitability over the long term,” he added.
Indian Terrain currently retails through 236 exclusive outlets, 1,340 multi brand outlets, 600 large format stores and leading e-commerce platforms.
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