V2 Retail posts Q3 net profit of Rs 9 crore

By

Maverick Martins

Published
Feb 13, 2023

Value fashion retailer V2 Retail reported a net profit of Rs 9 crore ($1.1 million) for the third quarter ended December 2022, as against Rs 12 crore in the corresponding period of the previous fiscal year.

The company’s revenue for the quarter was Rs 239 crore, as against Rs 238 crore reported in the year-ago period.

During the March-December period, the company’s revenue stood at Rs 645 crore with a net profit of Rs 5 crore.

V2 Retail’s total expenses during the quarter stood at Rs 229 crore, as against Rs 223 crore in October-December quarter of 2021.

In its earnings update, the company also announced the appointment of Prank Adukia as chief financial officer.

During the quarter, V2 Retail opened one new store and closed 5 of its non-performing stores to end the calendar year 2022 with a store count of 99 with a total retail area of 10.59 lakh sq ft.

V2 Retail was launched in 2001 and retails womenswear, menswear, and children’s wear.