Indian Terrain Fashions reports net loss of Rs 15 crore for FY24

Indian Terrain Fashions Ltd reported a net loss of Rs 15 crore ($1.8 million) for the financial year ended March 2024, as against a net profit of Rs 7 crore in financial year 2023.

The company’s revenue for the year was down by 9 percent to Rs 456 crore, as against Rs 501 crore during the previous year ended March 2023.

For the fourth quarter, the company reported a net profit of Rs 0.03 crore with a revenue of Rs 114 crore.

Commenting on the results, Charath Narsimhan, managing director CEO of Indian Terrain in a statement said, “We faced slight headwinds as we continued to navigate through challenging external environment marked by sluggish consumer spending which has led to drop in sales from our exclusive brand outlets (EBO) and large format outlets (LFO) counters. All these factors along with the discontinuation of our boys’ segment impacted our overall revenue and profitability.”

“Despite these challenges, our Men’s wear segment has continued to perform well, demonstrating resilience in these weak and sluggish market conditions. Moreover, our strategic focus on enhancing revenue quality through controlled discounts and healthier margins have been pivotal in maintaining our profitability under these tough conditions,” he added.

Menswear fashion brand Indian Terrain retails across the country through its 236 exclusive outlets, multi-brand outlets, large format stores and leading e-commerce platforms.