As against Rs 7 crore net profit recorded in the previous financial year, Indian Terrain Fashions experienced a net loss of Rs 15 crore ($1.8 million) in the financial year ending March 2024.
The company registered a 9 per cent drop in revenues to Rs 456 crore from Rs 501 crore in the year ending March 2023.
However, the company reported a modest growth of Rs 0.03 crore in net profit in Q4, FY24 while revenues surged to Rs 114 crore.
Charath Narsimhan, Managing Director and CEO, Indian Terrain, states, the brand faced slight headwinds as it continued to navigate through a challenging external environment marked by sluggish consumer spending. This led to a drop in sales from exclusive brand outlets (EBO) and large format outlets (LFO) counters. Additionally, the discontinuation of brand’s boys' segment impacted overall revenue and profitability.
Despite these challenges, the company's Menswear segment continued to perform well. The company was also able to maintain its profitability under tough market conditions due to its strategic focus on enhancing revenue quality through controlled discounts and healthier margins. A prominent menswear fashion brand, Indian Terrain retails across India through its 236 exclusive outlets, multi-brand outlets, large format stores, and leading e-commerce platforms.
