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.” Result PDF
Department Stores company V2 Retail announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Revenue from operations stood at Rs 296 crore, registering a growth of 53% on a YoY basis. Gross Margin stood at 28.0% for Q4FY24 as compared to 28.6% for Q4FY23. EBIDTA for the quarter stood at Rs 31.4 crore as compared to Rs 14.2 crore in Q4FY23, registering a growth of 121% on YoY basis. EBIDTA margin stood at 10.6% for Q4FY24 as compared to 7.4% for Q4FY23. PAT for the quarter stood at Rs 3.6 crore as compared to loss of Rs (7.7) crore in Q4FY23, registering a growth of 147% on YoY basis. FY24 Financial Highlights: Revenue from operations for FY24 stood at Rs 1,164.7 crore, registering a growth of 39% on YoY basis. Gross Margin stood at 29.7% for FY24 as compared to 31.0% for FY23. EBIDTA for FY24 stood at Rs 147.8 crore as compared to Rs 84.0 crore in FY23 registering a growth of 76%. EBIDTA margin stood at 12.7% for FY24 as compared to 10.0% for FY23. PAT for FY24 stood at Rs 27.8 crore as compared to loss of Rs (12.8) crore in FY23, registering a growth of 317% on YoY basis. Commenting on the results and performance, Ram Chandra Agarwal, Chairman & 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. 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. 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% YoY 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. 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.” Result PDF