V-Mart Retail reports Rs 64 crore net loss in FY24 Q2

Value fashion and lifestyle retailer V-Mart Retail Limited reported a Rs 64.12 crore net loss in the second quarter of the 2024 financial year. This result was in part due to high expenses which totalled Rs 637.84 crore for the quarter.

The business had reported a net loss of Rs 11.31 crore in the second quarter of the 2023 financial year, according to a regulatory filing accessed by India Retailing. This shows that the businesses losses increased significantly in the recent financial quarter, which ended in September. 
 
V-Mart Retail Limited’s revenue from operations totalled Rs 549.43 crore in the second quarter of the 2024 financial year compared to Rs 506.16 crore in the same quarter a year prior. The increased revenue from operations was however greatly offset by the increased net loss but the business stated that this fiscal’s second quarter is not comparable with the second quarter of the 2023 financial year because this year’s results includes the performance of e-commerce platform LimeRoad, which it acquired during the past year. 

Entrepreneur Lalit Agarwal launched V-Mart Retail Limited in 2002 and the business was previously incorporated as ‘Varin Commercial Private Limited’ in West Bengal, India. The business’ goal is to become the number one value fashion retailer in Bharat, according to its website, and its main customer demographic is young consumers in Tier 2 and 3 cities.