V2 Retail Q3 net profit drops 12 percent to Rs 21 crore

By

Maverick Martins

Published
Jan 28, 2020

Fashion retailer V2 Retail Limited reported a 12 percent drop in its net profit to Rs 21 crore ($3 million) for the third quarter ended December 31, 2019, as against Rs 24 crore it had reported in the corresponding quarter in the previous fiscal year.
 

The company’s sales revenue for the quarter was down 9 percent to Rs 220 crore as against Rs 243 crore it had posted in the year-ago period.
 
V2 posted a net profit of Rs 22 crore for the nine months ended December 31, 2019, on revenue of Rs 574 crore.

The company also announced the appointment of Manshu Tandon as the new chief executive officer of the Company from January 27, 2020.
 
V2 Retail’s Akash Agarwal had resigned earlier this month from the post of CEO citing professional engagements.
 
V2 Retail is one of the leading players in the fashion and apparel market. It has over 75 stores spread across 17 states and 70 cities.