V-Mart Retail Ltd posts Q1 loss of Rs 22 crore

V-Mart Retail Ltd reported a net loss of Rs 22 crore ($2.8 million) for the April-June quarter, as against a net profit of Rs 20 crore in the same quarter of the previous financial year.

The company’s revenue for the quarter rose by 15 percent to Rs 679 crore, as against Rs 588 crore in the corresponding quarter of the previous fiscal year.

V-Mart’s total expenses for the quarter were up by 26 percent to Rs 709 crore.

“The company’s EBITDA margin stood strong at 13 percent of revenue excluding the loss contributed from the newly acquired Limeroad marketplace segment. The strategic integration of Limeroad continued to thrive as the platform’s revenue increased by 47 percent paving the way for robust omni operations in the coming future,” V-Mart Retail said in a statement.

During the quarter, the company expanded its retail presence by opening 9 new stores to take its store count to 431.