19th February 2022, Mumbai:
The net profit of V2 Retail declined by 17 per cent to Rs 12 crore during the third quarter ended December as against Rs 15 crore in the year-ago period.
However, the company revenue during the quarter increased by Rs 239 crore, as against Rs 227 crore it reported in the corresponding period of the previous fiscal year.
Ram Chandra Agarwal, Chairman and Managing Director, says, demand in the festive season of October and November, however, demand tapered sharply post December 15 and till January 2022 due to restrictions imposed by various state governments in the wake of third wave of COVID-19.
The recovery will be sharper with the onset of the festive season in coming months, Agarwal adds, The company kept all its stores operational during the quarter. It continues to emphasize on private brands and opened one store during the quarter.
Currently, V2 Retail has 97 stores across India. It plans to open 5 stores during the fourth quarter to end the fiscal year with over 100 stores.
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