Indian Terrain Fashions Ltd reported a net loss of Rs 4 crore ($4,81,729) for the December 2023 quarter, as against a net profit of Rs 2 crore in the year-ago period.
The company’s revenue for the quarter declined by 10 percent to Rs 109 crore, as against Rs 122 crore in the corresponding quarter of the previous fiscal year.
Commenting on the Q3 results, Charath Narsimhan, CEO managing director of Indian Terrain in a statement said, “We experienced a challenging quarter, primarily due to subdued demand and a soft End of Season Sale (EOSS), compounded by the discontinuation of our Boys’ wear business. Our multi-brand outlets (MBO) and large format outlets (LFO) felt the impact of slow retail offtakes, while our online channel remained robust, continuing to drive growth amidst these market headwinds.”
“Looking forward, we remain confident in delivering improved performance despite ongoing sluggish demand environment as we believe that our strategic initiatives to improve profitability positions us well for future success,” he added.
Menswear brand Indian Terrain retails across the country through its exclusive outlets, MBOs, LFOs and leading e-commerce platforms.
Copyright © 2024 FashionNetwork.com All rights reserved.
