V2 Retail Limited’s Revenue Up By 13% YoY for Q2FY19
Deepthi | Myequity news | Date : 05-11-2018 10:55:00 IST
V2 Retail Limited, one of the India’s fastest growing Retail Company, has declared its Unaudited Financial Results for the Quarter and Half year ended on September 30, 2018
•Revenue during the quarter grew by 13% Y-o-Y in Q2FY19 from ₹ 1,375 mn to ₹ 1,557 mn. Revenue for H1 FY19 grew by 23% Y-O-Y from ₹ 2,798 mn to ₹ 3,434 mn.
•Gross Profit for the quarter increased from ₹ 429 mn to ₹ 463 mn. Gross margins for the quarter declined from 31.2% to 29.8%. Gross Profit for the Half year increased from ₹ 875 mn to ₹ 1,093 mn. Gross margins for the Half year increased from 31.3% to 31.8%.
•EBIDTA for the quarter declined by 179% Y-o-Y in Q2FY19 from ₹ 100 mn to ₹ (79) mn. EBIDTA for the Half year declined by 53% Y-o-Y in H1FY19 from ₹ 254 mn to ₹ 100 mn.
•Profit / (Loss) Before Tax (PBT) declined from ₹ 81 mn in Q2FY18 to ₹ (317) mn in Q2 FY19.Profit / (Loss) Before Tax (PBT) for H1 FY19 declined from ₹ 219 mn to ₹ (139) mn.
•Profit / (Loss) After Tax (PAT) declined from ₹ 50 mn in Q1FY18 to ₹ (185) mn in Q2 FY19.Profit / (Loss) After Tax (PAT) for H1 FY19 declined from ₹ 137 mn to ₹ (73) mn.
•Other income includes gain of ₹ 46 mn on Sale of CCD of TPG Wholesale Private Limited.
•The Net amount payable by the company is approx ₹ 220 mn after adjusting sale value of CCD, FDR and other related matters with the CDR lenders. CDR lenders have agreed to release all the securities held by them and shall not raise any claim of whatsoever nature against the company in terms of the MRA after payment of the said amount.
•The Company has opened 8 new stores during the quarter Q2FY19.
•The Company operates 70 stores spread across 17 states and 65 cities with a total retail area in excess of 8 lac Sq. Ft.
Commenting on the results and performance, Mr. Ram Chandra Agarwal, Chairman & Managing Director
said: “At V2 Retail, we believe that continuous improvement in technology and processes are important for any organisation to attain sustained growth. As a part of the expansion strategy, the Company added 8 new stores during the Quarter taking the total count to 70 stores spread across 17 states. We believe that the momentum should continue in the coming quarters also. Our focus will be Tier 2 and Tier 3 cities as we see a large potential there.
The festive demand which commences with Durga Puja and Navratara followed by Diwali and wedding season post that, all of which are likely to translate into healthy growth. We have significant presence in Eastern and North East part of the country, where historically the demand during this period has been on a higher side. We are all set to take advantage of the season and have also invested in inventories to cater to the spurt in demand.
The Indian consumer is evolving with respect to habits, lifestyles, tastes and preferences. Our dedicated team of experts are continuously on job trying to understand the consumer needs through market research and keep churning our product basket as per needs of the consumer.”
About V2 Retail Limited:
V2 Retail is one of the fastest growing retail company in India and enjoys strong brand equity from customers across segments. The company offers a portfolio of products, including apparel and life style products. V2 stands for ‘Value and Variety’ it sells good quality fashion garments at affordable prices, which suits every individual and household. The Company has a Strong presence in Northern & Eastern India. The Company caters to the neo middle class group of population living in Tier 2 and Tier 3 cities.