V2 Retail reports Q2 net loss of Rs 2 crore

Value fashion retailer V2 Retail Ltd reported a net loss of Rs 2 crore ($2,37,828) for the quarter ended September 2024, as against net loss of Rs 6 crore in the year-ago period.

The company’s revenue for the quarter rose by 64 percent to Rs 380 crore, as against Rs 231 crore in the corresponding quarter of the previous fiscal year.

For the H1 FY25, V2 Retail’s net profit stood at Rs 14 crore as compared to Rs 50 lacs in H1 FY24.

Commenting on the results, Ram Chandra Agarwal, chairman managing director of V2 Retail in a statement said, “The first half of the financial year has been very reassuring as we continue to deliver robust performance after a historic FY24. Our outstanding performance is a testament to the success of our strategic initiatives, which have driven excellence in innovative product development, enhanced store experiences, and exceptional customer satisfaction.”

“We have seen robust demand in the ongoing festive season, and we are very hopeful that the ensuing wedding season and the winter season will further strengthen our position in the areas we operate. We have added another 5 stores during the current quarter. The store addition momentum will continue as we have a very healthy pipeline of upcoming stores.”

During the first half of the financial year, the company added 22 new stores to take its store count to 139 as on September 30, 2024.