V-Mart Retail reports 18 per cent fall in Q3

V-Mart Retail, the multi-brand retail chain reported a 17.77 per cent fall in net profit to Rs 47.87 crore for the quarter ended on December 31, 2020, on account of lower income. The company had posted a profit of Rs 58.22 crore for the corresponding period of 2019-20.

The total income during October-December 2020 stood at Rs 470.30 crore, down 16.40 per cent as against Rs 562.58 crore in the year-ago period. According to V-Mart the COVID-19 pandemic has a significant impact on the business operations and financial results of the company for the quarter and period ended December 31, 2020.

With easing lockdown and opening of economic activities, the company believes that the company's operations will increase and expects the momentum to continue with an overall improvement in COVID-19 situation.