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Published
Sep 14, 2020
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Indian Terrain Fashions posts Q1 net loss of Rs 32 crore

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.
 

Indian Terrain Fashions posts Q1 net loss of Rs 32 crore - Indian Terrain


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.

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