V-Mart posts two-fold rise in Q1 net profit at Rs 223 cr

Multi-brand retail chain V-Mart Retail today reported an over two-fold jump in its net profit at Rs 223.5 crore for the June quarter.

The company had posted a net profit of Rs 93.6 crore during the same period of the previous fiscal, V-Mart Retail said in a BSE filing.

Total income during the quarter under review stood at Rs 3,162.3 crore as against Rs 2,285.6 crore in the year-ago period, up 38.35 per cent.

V-Mart Retail CMD Lalit Agarwal attributed the profit to longer marriage season and preponement of Eid festivities from the second quarter.

On the outlook, he said: "Though the upcoming quarter is the weakest quarter in the Indian retail industry, our business outlook remains positive and V-Mart looks forward to grow consistently."
 

Stock of the company closed 0.31 per cent higher at Rs 1,220.60 apiece on BSE.