Arvind Fashions Ltd on Wednesday reported a consolidated net loss of Rs 213.13 crore for the first quarter ended June 30, 2020, impacted by the COVID-19 pandemic.
According to a PTI report: The company had posted a net loss of Rs 95.08 crore in April-June quarter a year ago, Arvind Fashions said in a BSE filing.
Its revenue from operations was Rs 104.05 crore during the quarter under review. It was Rs 900.94 crore in the corresponding quarter of the previous fiscal.
Arvind Fashions MD and CEO J Suresh said this quarter was challenging for business operations with near-complete closure in April and May.
“While COVID had a significant impact on the financial performance, we have utilised the opportunity provided by this disruption to reshape our business through increased investments in upgrading our digital capabilities along with significant cost optimisation and multiple actions to control gross working capital,” he was quoted by PTI as saying.
The company said 70 percent of its stores were operational at the end of Q1 FY 2021.
Currently, 80 percent of stores have opened. Overall, the company has reached 46 percent of sales in August 2020, compared to the same month last year, the company added.
Arvind Fashions said apparel retail industry is one of the worst impacted industries by COVID-19 pandemic.
“After certain hesitant relaxations in May, the economy started gradually opening up from June post-Unlock 1.0, though the opening up has been staggered and uneven, with occasional localised rollbacks and operational disruptions.
“During this tough time, the company has pursued strategic initiatives around capability building, cost restructuring, cash conservation and strengthening the balance sheet, apart from focusing on the restart and ramp-up of the operations and ensuring the safety of its employees and customers,” the company said.
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