Latest News | Indian Terrain Fashions Posts Net Loss at Rs 32.25 Crore

Chennai, Sept 12 (PTI): Men's wear brand Indian Terrain Fashions Ltd has reported a standalone net loss of Rs 32.25 crore for the quarter ended June 30, 2020, the company said on Saturday.

The city-based company had recorded a standalone net profit at Rs 3.75 crore during the corresponding quarter last year.

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For the year ended March 31, 2020, the net loss stood at Rs 10.34 crore, the company said in a BSE filing.

The revenue for the April-June quarter slipped to Rs 17.83 crore from Rs 84 crore registered in the same period last fiscal. The total revenue for the year ended March 31, 2020 on a standalone basis stood at Rs 373.51 crore. On the impact of COVID-19 induced lockdown, the company said it had to close its stores across locations during the quarter under review. "The impact of 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. However, it would continue to monitor any material changes to future economic conditions. 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 said in a statement.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)