V2 Retail Limited announces Q1 FY19 resultsV2 Retail Limited, India's fastest growing Retail Company, has declared its Unaudited Financial Results for the Quarter ended on June 30, 2018.
Financials at a Glance:
- Revenue grew by 32% Y-o-Y in Q1FY19 from Rs. 142.3 crores to Rs. 187.8 crores.
- Sales growth for the quarter was led by healthy demand and new stores opening.
- Gross Profit increased from Rs. 44.5 crores to Rs. 63 crores in this quarter. Gross margins improved from 31.3% to 33.5%.
- EBIDTA grew by 29% Y-o-Y in Q1FY19 from Rs. 15.4 crores to Rs. 19.9 crores. EBIDTA margins was 10.6% during the quarter.
Profit Before Tax:
- Profit Before Tax (PBT) grew by 29% Y-o-Y in Q1FY19 from Rs. 13.8 crores to Rs. 17.8 crores.
Profit After Tax (PAT):
- Profit After Tax (PAT) grew by 29% Y-o-Y in Q1FY19 from Rs. 8.7 crores to Rs. 11.2 crores.
- The company has opened 14 new stores during the quarter Q1FY19.
- The Company operates 63 stores spread across 17 states and 57 cities with a total retail area in excess of 7.26 lac Sq. Ft.
Commenting on the results and performance, Mr. Ram Chandra Agarwal, Chairman & Managing Director said: "We are pleased to start the year on a strong note with our robust performance in Q1 FY19. Revenue from operations improved both sequentially as well as with respect to corresponding quarter previous year. The positive trends in retail sector, our focussed marketing approach, product improvement etc. has reflected in strong set of numbers.
At V2 Retail, we believe that continuous improvement in technology and processes are important for any organisation to attain sustained growth. The Company is debt free and also has an investible surplus to fuel the growth momentum and expansion strategy.
As a part of the expansion strategy, the Company added 14 new stores during the Quarter taking the total count to 63 stores spread across 17 states. We believe that the momentum should continue in the coming quarters also. Our focus will be Tier 2 and Tier 3 cities as we see a large potential there.
The Indian consumer is evolving with respect to habits, lifestyles, tastes and preferences. Our dedicated team of experts are continuously on job trying to understand the consumer needs through market research and keep churning our product basket as per needs of the consumer."
Shares of V2 RETAIL LTD. was last trading in BSE at Rs.449.2 as compared to the previous close of Rs. 457.1. The total number of shares traded during the day was 11799 in over 379 trades.
The stock hit an intraday high of Rs. 464.95 and intraday low of 445. The net turnover during the day was Rs. 5352415.