V2 Retail reported 29% increase in Q1-FY19 profit on YOY basis
Mohan | Myequity news | Date: 01-08-2018 21:15:00 IST
V2 Retail Limited reported quarterly result today. Below are the highlights of the result.
Financials at a Glance:
• Revenue grew by 32% Y-o-Y in Q1FY19 from ₹ 142.3 crores to ₹ 187.8 crores.
• Sales growth for the quarter was led by healthy demand and new stores opening.
• Gross Profit increased from ₹ 44.5 crores to ₹ 63 crores in this quarter. Gross margins improved from 31.3% to 33.5%.
• EBIDTA grew by 29% Y-o-Y in Q1FY19 from ₹ 15.4 crores to ₹ 19.9 crores. EBIDTA margins was 10.6% during the quarter.
Profit Before Tax:
• Profit Before Tax (PBT) grew by 29% Y-o-Y in Q1FY19 from ₹ 13.8 crores to ₹ 17.8 crores.
Profit After Tax (PAT):
• Profit After Tax (PAT) grew by 29% Y-o-Y in Q1FY19 from ₹ 8.7 crores to ₹ 11.2 crores.
• The company has opened 14 new stores during the quarter Q1FY19.
• The Company operates 63 stores spread across 17 states and 57 cities with a total retail area in excess of 7.26 lac Sq. Ft.
(Rs in crores)
|Particulars ||Q1FY19 ||Q1FY18 ||Y-o-Y ||FY2018 |
|Revenue ||187.8 ||142.3 ||32% ||559.4 |
|Gross Profit ||63 ||44.5 ||41% ||180.4 |
|Gross Margin (%) ||33.50% ||31.30% || |
|EBIDTA ||19.9 ||15.4 ||29% ||51.7 |
|EBIDTA Margin (%) ||10.60% ||10.80% || |
|Profit Before Tax ||17.8 ||13.8 ||29% ||46 |
|Profit Before Tax ||11.2 ||8.7 ||29% ||31 |
Commenting on the results and performance, Mr. Ram Chandra Agarwal, Chairman & Managing Director said
“We are pleased to start the year on a strong note with our robust performance in Q1 FY19. Revenue from operations improved both sequentially as well as with respect to corresponding quarter previous year. The positive trends in retail sector, our focused marketing approach, product improvement etc. has reflected in strong set of numbers.
At V2 Retail, we believe that continuous improvement in technology and processes are important for any organisation to attain sustained growth. The Company is debt free and also has an investible surplus to fuel the growth momentum and expansion strategy.
As a part of the expansion strategy, the Company added 14 new stores during the Quarter taking the total count to 63 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 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.