Tata Group’s flagship retail arm Trent Ltd’s non-food retail operations have been adversely impacted since mid-March due to disruptions caused by the devastating second wave of the Covid-19 pandemic in India.
“Our revenues from retailing of non-food merchandise have been substantially and adversely impacted. Nevertheless, the business has continued to incur committed expenditures especially with respect to our employees and other expenditures not directly linked to revenues,” PTI reported, quoting the company’s statement for a regulatory filing.
Despite the ongoing challenges, the company has initiated various steps to mitigate the impact, it said, adding that it remains “cautiously optimistic” on the medium-term outlook.
“The empirical play out of recovery in Q3/Q4 of FY2020-21, when the pandemic related restrictions eased, together with the vaccination programme are encouraging pointers for the second half of this financial year,” it said.
Trent further added it is continuing to focus on innovative initiatives for its brands and the expansion of its reach through stores and digital platforms to counter the pandemic-driven challenges.