V-Mart Retail Q3 net profit down 18 percent to Rs 48 crore

By

Maverick Martins

Published
Jan 25, 2021

Multi-brand retail chain V-Mart Retail reported an 18 percent decline in its net profit at Rs 48 crore ($6.6 million) for the quarter ended on December 31, 2020, as against a net profit of Rs 58 crore for the corresponding period of 2019-20.
 

The company’s revenue during October-December 2020 was down 16 percent at Rs 470 crore, as against Rs 563 crore in the year-ago period, V-Mart said in a filing to the BSE.

V-Mart attributed the decline in revenue and net profit to the Covid-19 pandemic and subsequent restrictions.

“The Covid-19 pandemic has a significant impact on the business operations and financial results of the company for the quarter and period ended December 31, 2020,” the company said in a statement.
 
“With easing lockdown and opening of economic activities, the company believes that the company's operations will increase and expects the momentum to continue with an overall improvement in Covid-19 situation," it added.

V-Mart Retail is expecting some recovery in the fourth quarter of the current financial year and is optimistic about the financial year 2021. It currently has around 274 stores across India with a strong presence in tier 2, 3 cities.