V2 Retail, one of the fastest growing retail company in India, has reported 44 per cent revenue decline to ₹850 crore in its second quarter (Q2) FY21 that ended on September 30, 2020, compared to revenue of ₹1,507 crore in the same period previous fiscal. However, company’s loss after tax during Q2 improved to ₹73 crore (Q2 FY20: ₹104 crore).
“The world is dealing with a medical crisis of enormous proportion which has already resulted in severe economic disruption and demand contraction since the last quarter of FY20. The consumer sentiment has changed from positive to cautious and will take some time to return to normalcy,” Ram Chandra Agarwal, chairman & managing director at V2 Retail, said in a press release.
Gross profit during the quarter dropped 35 per cent to ₹270 million (₹418 million). EBIDTA slipped 19 per cent to ₹95 million (₹118 million).
The company opened 6 new stores and closed 4 stores during Q2 FY21.
“We are confident that following this pause, our growth and profitability will continue to accelerate on the back of sustained focus on customer experience, merchandise selection, strong brand recall and our omnichannel presence,” Agarwal said.
Fibre2Fashion News Desk (JL)
V2 Retail, one of the fastest growing retail company in India, has reported 44 per cent revenue decline to ₹850 crore in its second quarter (Q2) FY21 that ended on September 30, 2020, compared to revenue of ₹1,507 crore in the same period previous fiscal. However, company's loss after tax during Q2 improved to ₹73 crore (Q2 FY20: ₹104 crore).