V-Mart Retail Ltd on November 6 reported a consolidated net loss of Rs 64.12 crore widening 5-fold in the September quarter of FY24, as against a net loss of Rs 11.31 crore in the same quarter of the previous financial year.
The retail chain’s revenue in Q2FY24, however, came in at Rs 549.43 crore, rising 8.5 percent from Rs 506.16 crore in the year-ago period, the company said in a regulatory filing.
The company said in a press release that it is important to note that the festive sales period, typically associated with Durga Puja and Dusshehra, shifted from Q2 to Q3 in the current year. Excluding the loss contributed by the newly acquired Limeroad marketplace segment, the company reported EBITDA margins of 4 percent for Q2 and 8 percent year-to-date (YTD).
The integration of LimeRoad has been successful, with a 26 percent QoQ increase in platform income, and a 23 percent QoQ reduction in EBIDTA losses, which bodes well for future omni operations.
The company is committed to its store expansion plan and has opened eight new stores in Q2 and an additional 13 in Q3, bringing the total number of stores across India to 450 as of the current date.
The ongoing festive period has shown promising progress with increased foot traffic and sales growth in major markets.
Established in 2002, V-Mart is a trailblazer in the organized value fashion sector, serving as an omni-channel retail chain that caters to the entire family's needs. The store provides a diverse range of products, including fashion apparel, footwear, home furnishings, general merchandise, and grocery items.
Shares of V-Mart closed at 0.66 percent lower at Rs 1698 on NSE.
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