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Indian Terrain Fashions Ltd reported a net loss of ₹6.10 crore for the fourth quarter ended March 31, 2023, against a net profit of ₹6.46 crore in the same quarter last year. The loss was due to exceptional item of ₹5.90 crore in the fourth quarter. Revenue for the quarter was up 15 per cent to ₹126 crore (₹109 crore).
For the full-year ended March 31, 2023, the company reported a net profit of ₹7 crore, against a let loss of ₹2.20 crore for the corresponding year. Revenue was up 48 per cent to ₹500 crore (₹336 crore).
The company’s financial statement said it had availed a term loan under de-merger scheme in 20I0-11, where the bank had initially provided a concession on the interest component. In the current year, the bank has raised a retrospective demand for the payment of ₹5.90 crores attributed to the said concessional interest. Due to the exceptional nature and timing or the expense, the company has disclosed it as an exceptional item in the face of Statement of profit and loss
On the Natoinal Stock Exchange, the company stock priced closed at ₹54.40, down by 6.61 per cent.
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