V2 Retail reports turnaround Q4 numbers

V2 Retail reported a consolidated net profit of Rs 3.59 crore in Q4 FY24 as against a net loss of Rs 7.70 crore in Q4 FY23.

Income from operations surged 51.86% year on year to Rs 296.98 crore in the final quarter of FY24.

Pre-tax profit was Rs 0.04 crore in the fourth quarter as against a Pre-tax loss of Rs 10.32 crore in the corresponding period last year.

EBIDTA stood at Rs 31.4 crore in Q4 FY24, steeply higher than Rs 14.2 crore posted in Q4 FY23. EBIDTA margin improved to 10.6% in Q4 FY24 as compared to 7.4% in Q4 FY23.

As on 31 March 2024, the company operated 117 stores spread across 16 states and 83 cities with a total retail area of 12.54 lakh sq. ft. The same store sales growth (SSSG) for the Q4 FY24 stood at 40%.

On a full year basis, the company reported a consolidated net profit of Rs 27.81 crore as against a net loss of Rs 12.81 crore in Q4 FY24 over Q4 FY23. Income from operations stood at Rs 1,712.21 crore, steeply higher than Rs 845.55 crore posted in the corresponding period last year.

Ram Chandra Agarwal, chairman and managing director, said, FY24 has been a historic year for the Company. The relentless efforts of our team to work toward the strategic initiatives and achieve the growth plan has started reflecting in the performance. All this was achieved during a year marred by challenging market conditions, speaks volumes about our in-depth understanding and ahead of curve strategy. Our strong inventory rotation has translated into lowering our discounted offerings. In a year wherein we achieved a 39% Y-O-Y revenue growth, our 87% of the revenue was generated from MRP sales, is a testimony of higher acceptance for our products.

Our inhouse manufacturing facilities along-side our experienced team of designers and merchandiser and inventory management focus has given us an edge as compared to our peers. The strong acceptance of our differentiated product offerings and growing relevance is the testimony of our customer centric thinking of providing fresh variety, good quality at best price. The growth across all our stores have been encouraging, translating into a robust SSG of 31% in FY24.

Our strategy to expand and deepen our store presence with the aim of being ever more proximate and convenient to customers reinforcing our brand promise. Our expansion plan on Stores is on track. We have added 15 stores (net) in FY24 and plans to open additional 20-25 stores FY25. Our emphasis on Private Brands continues and the growth is encouraging.

V2 Retail is one of the fastest growing retail company in India and enjoys strong brand equity from customers across segments. The company offers a portfolio of products, including apparel and life style products

The scrip fell 0.22% to currently trade at Rs 532 on the BSE.

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