Value fashion retailer V2 Retail reported a 153 percent increase in net profit to Rs 24 crore ($3 million) for the third quarter ended December 2023, as against Rs 9 crore in the year-ago quarter.
The company’s revenue for the quarter rose by 56 percent to Rs 374 crore, as against Rs 240 crore posted in the corresponding quarter of the previous fiscal year.
Commenting on the results, Ram Chandra Agarwal, chairman managing director of V2 Retail in a statement said, “A great quarter and a year so far with overall healthy performance across parameters. This despite challenging market conditions, speaks volumes about our in-depth understanding and ahead of curve strategy. Our inhouse manufacturing facilities along-side our experienced team of designers and merchandiser and inventory management focus has given us an edge as compared to our peers.”
“We are confident that this business is well poised to shift gears and deliver substantial value to customers and shareholders going forward. The growing acceptance of our brands demonstrates the attractiveness of our platform and the tremendous potential to address opportunities that lies ahead,” he added.
During the quarter, V2 Retail opened 4 new stores and plans to open 15-20 stores before the end of the current financial year.
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