V-Mart Q2 net loss at Rs 4 crore, revenue jumps 8 percent

By

Maverick Martins

Published
Nov 6, 2018

Multi-brand retail chain V-Mart saw its net loss mount to Rs 4 crore (approx $0.6 million) for the second quarter ended September 2018 as compared to Rs 2.74 crore it had posted in the July-September period a year ago.
 

V-Mart's revenue during the quarter rose by 8 percent to Rs 263 crore as against Rs 243 crore it had posted in the corresponding quarter of the last fiscal.
 
The company’s total expenses for the period under review were up by 14 percent to Rs 273 crore as against Rs 239 crore.

Commenting on the results, Lalit Agarwal, CMD, V-Mart Retail Ltd in a statement said, “We see a lot of untapped opportunity in the growing aspiration to ‘look good’ among our target audience in Tier II and III markets, and in regions like North East that are relatively underserved by modern retail.
 
“As a value retailing pioneer with affordable fashion as our core plank for the aspiring class, V-Mart is focused on delivering the best combination of affordability, quality, and variety to its customers.”
 
During the quarter, the company opened 11 stores including 4 in the north-eastern state of Assam. V-Mart ended the quarter with 190 stores in15 states with an aggregate retail area of more than 1.6 million square-feet.