PTI: May 21, 2019
Chennai: Men's wear brand Indian Terrain Fashions Ltd has lined up plans to expand its retail network, besides eyeing doubling revenues in three years, a top official said here Monday.
The city-based company also declared its financial results Monday, clocking net profits of Rs 6.60 crore for the January-March 2019 quarter as against Rs 7.28 crore registered year ago.
For the year ending March 31, 2019 net profits remained flat at Rs 25.71 crore as against Rs 25.44 crore last year.
Total revenue for the January-March 2019 quarter went upto Rs 120.01 crore from Rs 108.78 crore in the same period of the previous year.
For the year ending March 31, 2019, total revenue grew to Rs 425.35 crore from Rs 403.95 crore registered year ago.
Commenting on the performance, Indian Terrain Fashions Ltd Managing Director Charath Narasimhan said the company was looking at doubling of revenue, besides expanding retail outlets from 150 to 300 across the country.
"This will be in North, East, Central and West of India...
each store will require investments of about Rs 25-35 lakh. It will be on franchise models. We are looking at doubling revenues in three years from our current total revenue of Rs 425 crore," he told reporters.
Asked whether the company was on track for its projected Rs 2,000 crore revenue, company Founder-Chairman Venky Rajagopal replied in the affirmative and said they were looking at achieving it by the 2023-24 financial year.
On Indian Terrain's foray into the children's segment under sub-brand BOY, Narasimhan said currently it was contributing about 10 per cent to the total revenue, which was expected to double in three years.
To a query about online business, he said revenues from the digital platform was currently around 14 per cent.
The company expected the figure to double in three years as digital platform itself was expected to play a big role, he said.
Indian Terrain Fashions also announced their tie-up with ace cricketer Mahendra Singh Dhoni as its brand ambassador for a two year period.
"We see he is in the prime of his career and I think we have a tie up with an individual who is going to be on top of the mind (of people) for the next two-three years.
We feel he truly represents the spirit of man (company's logo)", Rajagopal said.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.