Men’s wear brand Indian Terrain Fashions Ltd has reported a standalone net loss of ₹32.25 crore for the quarter ended June 30, 2020, the company said on Saturday.

The city-based company had recorded a standalone net profit at ₹3.75 crore during the corresponding quarter last year.

For the year ended March 31, the net loss stood at ₹10.34 crore, the company said in a BSE filing.

The revenue for the April-June quarter slipped to ₹17.83 crore from ₹84 crore registered in the same period last fiscal.

The total revenue for the year ended March 31 on a standalone basis stood at ₹373.51 crore.

On the impact of Covid-19 induced lockdown, the company said it had to close its stores across locations during the quarter under review.

“The impact of Covid-19 pandemic on the overall economic environment being uncertain may affect the underlying assumptions and estimates used to prepare the company’s financial statements,” the company said.

However, it would continue to monitor any material changes to future economic conditions.

Indian Terrain Fashions resumed its business activities by reopening its warehouse and retail stores on a gradual basis in line with the guidelines issued by the Central and state governments, the company said in a statement.

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