Arvind Fashions Ltd’s consolidated net loss has narrowed to 99.45 crore rupees ($13.55 million) for the quarter ended March 2021, helped by higher revenue from operations, according to a Press Trust of India report.
The company had reported a net loss of 208.12 crore rupees ($28.5 million) in 2020′s January to March quarter. This year, over that same period, revenue from operations rose by 14 percent year-on-year.
Arvind Fashions added that business has been severely impacted since this reporting period ended, due to India’s devastation second wave of Covid-19 infections. The company is a licensee for international brands including Sephora and Calvin Klein in the India market, where its portfolio includes 27 brands and a network of over 1,300 standalone stores and about 5,000 department and multi-brand stores in over 192 cities and towns.
“While the demand environment continues to stay volatile in near term ... we are confident of medium-term outlook to scale up powerful brands in our portfolio through continued store expansion and digital and omni-channel presence,” Arvind Fashions MD and CEO, Shailesh Chaturvedi, said.