TCNS Clothing Ltd’s Q3 net profit drops 98 percent to Rs 50 lacs

By

Maverick Martins

Published
Feb 16, 2023

TCNS Clothing Company Ltd, a leading women's apparel retailer witnessed a 98 percent slump in its net profit to Rs 50 lacs ($60,480) for the third quarter ended December 2022, as against Rs 25 crore in the year-ago period.

The company’s revenue for the quarter was down by 7 percent to Rs 306 crore, as against Rs 328 crore in the corresponding period of the previous fiscal year.

TCNS Clothing’s total expenses during the quarter increases by 4 percent to Rs 309 crore, as against Rs 297 crore in the year-ago period.

TCNS attributed the drop in profit to higher depreciation, lower other income and interest expense, coupled with weak operational performance, which weighed on the bottom line.

Additionally, the company said that muted festive and wedding season coupled with delayed onset of winters also contributed to poor sales during the quarter.

TCNS Clothing owns brands like W, Aurelia, Wishful, and Elleven. It currently has over 664 exclusive brand outlets for its various brands and sells through various online platforms across India.