Indian Terrain Fashions Ltd, the Chennai-based manufacturer of apparel and accessories, reported a net loss of ₹2.8 crore for the quarter ended June 30, 2023 as against a net profit of ₹2.4 crore for the corresponding quarter last year. The loss in June quarter was however less than the net loss of ₹6.1 crore reported in the previous quarter.

Revenue in the first quarter of current fiscal was down by 7% to ₹92.3 crore (₹98.6 crore)

Commenting on the Q1 results, Charath Narsimhan, MD and CEO, Indian Terrain, in a release said, “We witnessed muted performance during the quarter due to sluggish demand across the markets leading to lower LFL retail sales and tightening of wholesale distribution channels. However, we expect the market to rebound in the coming quarter with the onset of the festive season.”

Going forward, the company plans to increasingly drive the boys wear business through online channel and gradually increase our focus on the core product portfolio which will help in improving margins.

The company will continue to focus on increasing Retail led revenue and expand stores in Tier-2 and Tier-3 towns. “We are optimistic on the business prospects and remain confident of achieving better growth and profitability over the long term,” he said in a release sent to the stock exchanges.

Indian Terrain retails across the country through its 236 exclusive outlets, 1,340 multi brand outlets, 600 doors of large format stores such as Lifestyle, Shoppers Stop, and Central and five key e-commerce platforms, the company said.

At the time of filing this report, the company’s share price on the NSE was trading at ₹51.40, down by 7.80%.