Popular menswear brand Indian Terrain Fashion Ltd. has reported a net loss of Rs 32 crore or US $ 4.4 million for Q1 ended on 30 June 2020 as opposed to a standalone net profit of Rs. 4 crore for the same period last year.
The downturn, which can be largely blamed on the lockdowns, has resulted in revenue of Rs. 18 crore for the quarter against Rs. 84 crore for the subsequent period last year.
For the financial year ended 31 March 2020, the company’s net loss stood at Rs. 10.34 crore according to BSE filings, while the total revenue on standalone basis was Rs. 373.51 crore.
“The company had to shutter its stores across locations for the quarter under review. The impact of the COVID-19 pandemic on the overall economic environment has brought uncertainty that may affect the underlying assumptions and estimates used to prepare the company’s financial statements,” said a statement released by the company.
It added “Indian Terrain Fashions resumed its business activities by reopening its warehouse and retail stores in line with the guidelines issued by the Central and state authorities on a gradual basis.”
FY 19-20 and Q1 of FY 20-21 may not have turned out to be promising for the brand but for the fiscal year 2018-19, Indian Terrain had reported strong growth with sales revenue of Rs. 422 crore and new profit of Rs. 26 crore.
The company also had plans to aggressively expand in the country with 150 new stores.