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V2 Retail posts Q1 FY21 revenue of ₹370 cr

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V2 Retail, one of the fastest growing retail company in India, posted 82 per cent revenue decline to ₹370 crore in its first quarter (Q1) FY21 ended on June 30, 2020, compared to revenue of ₹2,023 crore in the same period previous fiscal. Company incurred a loss after tax of ₹89 crore compared to profit after tax of ₹114 crore in Q1 FY20.

 

“The consumer sentiment has changed from positive to cautious and will take some time to return to normalcy. The entire economy is facing a slowdown, retail sector being one of the most impacted sectors as people shift their consumption to only essential,” Ram Chandra Agarwal, chairman & managing director at V2 Retail, said in a press release.

 

Gross profit for the quarter was ₹110 crore (Q1 FY20: ₹591 crore). EBIDTA reported a loss of ₹2 crore compared to earnings of ₹276 crore.

 

“We believe that there would be serious uptick in consumer demand with the onset of festive season starting from Durga Puja and Diwali. 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, posted 82 per cent revenue decline to ₹370 crore in its first quarter (Q1) FY21 ended on June 30, 2020, compared to revenue of ₹2,023 crore in the same period previous fiscal. Company incurred a loss after tax of ₹89 crore compared to profit after tax of ₹114 crore in Q1 FY20.



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