Indian Terrain Fashions Ltd reported a net loss of US $ 2.61 million for the second quarter ending September 30, 2024, widening from a US $ 0.95 million loss in the same period last year. The company’s revenue fell by 39 per cent to US $ 10.18 million, compared to US $ 16.58 million in Q2 FY ’23.
The company attributed the revenue decline to weak demand across retail and wholesale channels, as well as the closure of underperforming exclusive brand outlets and large-format stores.
Charath Narsimhan, MD & CEO of Indian Terrain, acknowledged the challenges, stating a sales decline of 38.8 per cent year-over-year due to retail and wholesale channels receiving lower demand. Spending patters, consumer behaviour changes as well as a reduction in store footfalls impacted performance further.
Despite the setbacks, Narsimhan emphasised a strategic focus on trends like casualisation and premiumisation while aiming for profitability over volume growth. He expressed optimism for a recovery in the second half of the year, supported by early festive and wedding season activities, improved margins, and operational efficiency.
