Value fashion retailer V2 Retail Limited reported a 162 percent jump in net profit to Rs 16 crore ($2 million) for the first quarter ended June 30, as against Rs 6 crore in the year-ago quarter.
The company’s revenue for the quarter rose by 57 percent to Rs 415 crore, as against Rs 264 crore 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, “After a historic FY 24, we are thrilled to start the current financial year with highest ever quarterly sales during Q1 FY25 and a 162% increase in y-o-y PAT. The relentless efforts of our team to work toward the strategic initiatives and achieve the growth plan has started reflecting in the performance.”
“We are confident that this business is well poised 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 lie ahead,” he added.
During the April-June quarter, the company opened 10 new stores to take its store count to 127 across India.
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