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

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)

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