09 November 2021, Mumbai:
V-Mart Retail Ltd, a value fashion retailer, recorded a financial loss of Rs 14 crore ($2 million) for the second quarter ending September 2021, down from Rs 19 crore in the previous quarter.
The company's revenue for the quarter increased by 93 percent to Rs 338 crore, compared to Rs 176 crore in the previous fiscal year's similar period. V-costs Mart's for the quarter was Rs 361 crore, up from Rs 216 crore the previous year.
Lalit Agarwal, commenting on the Q2 results, said the swift market rise following Covid-19's second wave showed a significant rebound on the strength of additional operational days and festive-driven demand.
Despite the fact that the company was affected in Q1 due to the second wave, it was heartening to see operations swiftly rebound from mid-June onwards, with speedy re-opening of our stores in practically all areas."
"The planned increase in GST from 5% to 12% on clothes and footwear in the sub-1000 rupee range from January 1, 2022, might have an impact on margins and future sales, since this category accounts for 88 percent of the company's inventory and sales," Agarwal noted.
V-Mart presently has 375 locations and expects to add roughly 50 more stores each year to continue to expand in the Indian market.
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