Department Stores company V2 Retail announced Q1FY25 results:
Financial Highlights:
- Revenue from operations stood at Rs 415 crore, registering a growth of 57% on YoY basis. Gross Margin stood at 29.0% for Q1FY25 as compared to 30.6% for Q1FY24.
- EBIDTA for the quarter stood at Rs 55.5 crore as compared to Rs 35.6 crore in Q1FY24, registering a growth of 56% on YoY basis. EBIDTA margin stood at 13.4% for Q1FY25 as compared to 13.5% for Q1FY24.
- PAT for the quarter stood at Rs 16.3 crore as compared to Rs 6.2 crore in Q1FY24, registering a growth of 162% on YoY basis.
Key Highlights:
- As on June 30, 2024, the Company operates 127 stores with a total retail area of ~13.64 lac Sq. Ft. The Company opened 10 new stores in Q1FY25.
- Healthy Same Store Sales Growth of 37% in Q1FY25 despite higher base and general industry slowdown.
- Robust volume growth of 55% in Q1FY25. The MRP sales contributed 93% in Q1FY25 as compared to 84% in Q1FY24.
Commenting on the results and performance, Ram Chandra Agarwal, Chairman & Managing Director said: "After a historic FY 24, we are thrilled to start the current financial year with highest ever quarterly sales during Q1FY25 and a 162% increase in YoY PAT. The relentless efforts of our team to work toward the strategic initiatives and achieve the growth plan has started reflecting in the performance.
At V2 Retail, our mission is to democratize fashion by offering high-quality, trendy apparel at affordable prices to value-conscious consumers across all tiers of cities. We achieve this through operational excellence, strategic expansion, competitive pricing, a customer-centric approach, and the strategic use of technology. Our diverse product range, competitive pricing and exceptional shopping experience ensure that we provide significant value to our customers. As we continue to grow and innovate, we remain committed to making fashion accessible to all, uplifting communities, and driving sustainable growth.
By focusing on penetrating underserved rural markets and maintaining a strong presence in Tier I and Tier II cities, we reach a diverse customer base alongside understanding and responding to the unique preferences and needs of our customers across different regions through localized product offerings and personalized shopping experiences has given us the edge compared to others. I believe this is just the start and we are geared to set up new benchmark both in terms of customer satisfaction and resultant reflection in our performance.
We are confident that this business is well poised deliver substantial value to customers and shareholders going forward. The growing acceptance of our brands demonstrates the attractiveness of our platform and the tremendous potential to address opportunities that lie ahead.”