V2 Retail, one of the fastest growing retail company in India, has reported 4 per cent revenue increase to ₹2,274 crore in its third quarter (Q3) FY21 that ended on December 31, 2020, compared to the revenue of ₹2,190 crore in the same period previous fiscal. However, company’s profit after tax during Q3 fell to ₹138 crore (Q3 FY20: ₹208 crore).
“The company witnessed robust demand trends across stores amidst steadily improving consumer confidence and a declining Covid-19 graph. With faster than expected recovery in the demand sentiment and a declining Covid graph, the sector appears to be gradually regaining its sheen,” Ram Chandra Agarwal, chairman & managing director at V2 Retail, said in a press release.
“We remain optimistic that this trend will sustain owing to growth witnessed in rural and a growth-oriented Union Budget,” Agarwal said.
Gross profit during the quarter grew 20 per cent to ₹78.6 crore (₹65.6 crore). EBIDTA jumped 20 per cent to ₹41.9 crore (₹35.1 crore).
“Our online retailing platform (v2kart.com) has been receiving good response. The company is also focusing on Digital initiatives to improve consumer engagement, drive sales through e-commerce for internet-savvy consumers and build data analytics capabilities,” Agarwal said in the release. “Continuing with our philosophy of deleveraged growth, we have expanded our store network from 76 stores as at March 31, 2020 to 88 stores as at December 31, 2020. We will keep on exploring new stores opportunities.”
Fibre2Fashion News Desk (JL)
V2 Retail, one of the fastest growing retail company in India, has reported 4 per cent revenue increase to ₹2,274 crore in its third quarter (Q3) FY21 that ended on December 31, 2020, compared to the revenue of ₹2,190 crore in the same period previous fiscal. However, company's profit after tax during Q3 fell to ₹138 crore (Q3 FY20: ₹208 crore).