Arvind Fashions Ltd’s consolidated net loss has narrowed to Rs 99.45 crore for the quarter ended March 2021, helped by higher revenue from operations. The company had reported a net loss of Rs 208.12 crore in the January-March quarter a year ago.

Revenue from operations went up by 14 percent to Rs 768.59 crore during the quarter under review as against Rs 673.31 crore in the corresponding quarter a year ago, Arvind Fashions Ltd said in a regulatory filing.

Arvind Fashions said due to COVID-19, the fashion business has been severely impacted. ”This initially led to lower sales, resulting in inventory build-up and slower collection of receivables. With easing of lockdown restrictions, the group’s performance for the subsequent quarters has been progressively better, until the same was once again impacted somewhat in the current quarter due to the second wave of COVID-19,” the company said.

Arvind Fashions MD and CEO Shailesh Chaturvedi said ”while the demand environment continues to stay volatile in the near term due to the second wave of COVID-19, 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”. Shares of Arvind Fashions Ltd were trading 1.35 percent higher at Rs 150.05 apiece on the BSE.

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