The 96-year-old fabric maker and fashion retailer saw an 88.7 percent decline in its consolidated net profit to 22.18 crore rupees (around $3 million) for the fourth quarter of 2020, the Economic Times reported.

Operational revenue was down 34.1 percent, while revenue from the group’s apparel segment was down 56.8 percent. But chairman and managing director Gautam Hari Singhania remains optimistic that demand is improving as the Indian economy recovers from Covid-19.