Ethnic-wear brand TCNS Clothing reported a significant net loss of Rs 63.60 crore for the fourth quarter ending March 31, 2024, as per its latest BSE filing. This marks a substantial increase from the Rs 28.12 crore loss reported in the same quarter of the previous year.
The company has faced a challenging year, with its revenue from operations plummeting to Rs 211.32 crore for the March 2024 quarter, compared to Rs 268.55 crore in the corresponding quarter of the previous year. This decline in quarterly revenue reflects broader struggles within the company.
For the full fiscal year 2024 (FY24) also, TCNS Clothing's sales dropped to Rs 959.55 crore from Rs 1,201.58 crore in the previous fiscal year (FY23). This year-over-year decline underscores the ongoing difficulties the ethnic apparel major has been encountering.
Adding to the context of the company's performance, Aditya Birla Fashion and Retail acquired a controlling 51 per cent stake in TCNS Clothing last year. Despite this strategic acquisition, the company has continued to face financial hurdles.
Overall, the decline in both quarterly and annual revenue, coupled with increased losses, indicates that TCNS Clothing is navigating a tough market environment.
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