Home / Knowledge / News / Results / V2 Retail FY20: sales ₹7,012 mn; EBIDTA grows to ₹62 mn

V2 Retail FY20: sales ₹7,012 mn; EBIDTA grows to ₹62 mn

10
Jul '20
Pic: V2 Retail
Pic: V2 Retail
V2 Retail, one of the fastest growing retail company in India, closed financial year 2019-20 (FY20) with 6 per cent sales decline to ₹7,012 million compared to ₹7,484 million in the previous fiscal. EBIDTA ((Earnings before Interest, Taxes, Depreciation, and Amortisation) for the year ended on March 31, 2020 rose 62 per cent to ₹760 million (₹469 million).
 
During the fourth quarter (Q4) FY20, company’s revenue fell 21 per cent to Rs 1,292 million (Rs 1,639 million). EBIDTA for the quarter dropped 29 per cent to Rs 30 million (Rs 43 million).
 
“We started the quarter on a positive note. We were able to achieve a positive SSG upto March 15, 2020. However, situation changed drastically with the outbreak of Covid-19 pandemic and the resultant lockdown. The consumer sentiment has suddenly changed from positive to cautious and will take some time to return to normalcy,” Ram Chandra Agarwal, chairman & managing director, said in a press release.
 
V2 Retail’s gross profit for FY20 stood at ₹1,960 million (₹2,421 million). Profit Before Tax for the year were Rs 105 million (Rs 151 million). Company’s total comprehensive income during FY20 fell to Rs 96 million (Rs 204 million).
 
“The entire economy is facing a slowdown, retail sector being one of the most impacted sector as people shift their consumption to only essential. We anticipate the situation to stabilise and start turning positive from quarter 3 of this fiscal year,” Agarwal said. “As of current date, out of 74 stores, we have received permission to operate 65 stores. We are engaging with the local administration to obtain permission to start operating balance stores.”

Fibre2Fashion News Desk (JL)


Must ReadView All

Pic: Shutterstock

Textiles | On 5th Aug 2020

Procure garments, textiles from domestic firms: Ghana prez

Ghanaian President Nana Addo Dankwa Akufo-Addo recently directed all...

Pic: Shutterstock

Apparel/Garments | On 5th Aug 2020

New COVID-19 wave to threaten Vietnamese garment sector

A fresh wave of COVID-19 may worsen the situation of Vietnam's...

Pic: Shutterstock

Fashion | On 5th Aug 2020

Ralph Lauren Q1 FY20: revenues $487 mn; net loss $128 mn

Ralph Lauren Corporation, a leading designer of of premium lifestyle...

Interviews View All

Varinder Singh Jawanda, Trendy Bharat

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Textile industry, Head honchos

Textile industry
Head honchos

Clothes are no more bound by gender

Textile industry, Head honchos

Textile industry
Head honchos

RCEP was always going to be a double-edged sword

Tom Adeyoola,

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Eric Fessler,

Eric Fessler

Manufacturer of textile machinery and complete fibre-to-yarn lines, N...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search