V2 Retail Ltd reports Q4 net profit of Rs 4 crore

Value fashion retailer V2 Retail Ltd reported a net profit of Rs 4 crore ($4,80,161) for the fourth quarter ended March 31, as against a net loss of Rs 8 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 53 percent to Rs 296 crore, as against Rs 193 crore in the corresponding quarter of the previous fiscal year.

For the financial year 2024, V2 Retail Ltd reported a net profit of Rs 28 crore with a revenue of Rs 1,165 crore.

Commenting on the results, Ram Chandra Agarwal, chairman managing director in a statement said, “FY 24 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.”

“We are confident that this business is well poised to shift gears and 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,” he added.

V2 Retail added 15 stores during the financial year 2024 taking its store count to 117 and plans to open additional 20-25 stores in FY25.