V2 Retail reports Q1 net profit of Rs 11 crore

By

Maverick Martins

Published
Aug 23, 2019

V2 Retail Limited witnessed a two percent increase in its net profit to Rs 11.45 crore ($1.6 million) in the quarter ended June 2019 as against a net profit of Rs 11.23 crore it had reported in the year-ago period.
 

The company’s sales revenue rose by 8 percent to Rs 202 crore in the April-June quarter as against Rs 188 crore it had reported in the corresponding quarter of the previous year.
 
Commenting on the results and performance, Ram Chandra Agarwal chairman & managing director in a statement said: “Despite the significantly increased competitive intensity and weakened consumer sentiment, V2 revenue grew by 8%. This growth at a time of weakness reinforced the company’s recall value and consumer confidence in us.”

“The strong performance in Q1 FY20 was a result of continued momentum driven by strategic initiatives taken during the recent past. We believe in profitable growth of our existing stores and hence our focus would be on improving same-store sales growth in the coming quarters,” he added.
 
V2 Retail opened one new store during the quarter and currently operates 77 stores spread across 17 states and 72 cities.