Indian Terrain Fashions posts Q1 net loss of Rs 32 crore

By

Maverick Martins

Published
Sep 14, 2020

Menswear brand Indian Terrain Fashions Ltd reported a standalone net loss of Rs 32 crore ($4.4 million) for the first quarter ended June 30, 2020, as against a standalone net profit of Rs 4 crore it reported in the corresponding quarter last year.
 

The company’s revenue for the quarter under review was down to Rs 18 crore, from Rs 84 crore it had reported in the year-ago quarter
 
“The company had to close its stores across locations during the quarter under review. The impact of the Covid-19 pandemic on the overall economic environment being uncertain may affect the underlying assumptions and estimates used to prepare the company's financial statements," the company said in a statement.

“Indian Terrain Fashions resumed its business activities by reopening its warehouse and retail stores on a gradual basis in line with the guidelines issued by the Central and state governments,” the company added.
 
For the financial year 2018-19, Indian Terrain had posted strong results with a net profit of Rs 26 crore and sales revenue of Rs 422 crore.
 
The company has been expanding aggressively and has plans to open around 150 new outlets across India.