V2 Retail Q1 profit up 29% at Rs 11 crore

By

Maverick Martins

Published
Aug 6, 2018

V2 Retail Limited posted strong numbers for the quarter ended June 2018 with net profit jumping 29 percent to Rs 11 crore (approx $1.6 million) as against Rs 9 crore it had posted in the same quarter last fiscal.
 

The company’s revenue also increased by 32 percent to Rs 188 crore as compared to Rs 142 crore it reported during the same period last year.
 
Commenting on the results and performance, Ram Chandra Agarwal, Chairman & Managing Director in a statement 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 the corresponding quarter previous year. The positive trends in the retail sector, our focused marketing approach, product improvement etc has reflected in a 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,” he added.
 
V2 added 14 new stores during the quarter to take its total count to 63 stores spread across 17 states.
 
The value fashion retailer V2 Retail (formerly known as Vishal Retail Ltd) has set a target of 100 stores by the end of the next fiscal year, March 2019, and will continue to expand in tier 2 and 3 cities.