Erosion of Margins on Account of Branding and Promotion Expenses: V-mart Retail Ltd delivered disappointing Q2FY17 performance with a net loss of Rs.18 Mn, primarily due to heavy competition from unorganized players, increasein promotional expenses and stock liquidation strategy. During Q2FY17, V-marts top-line has reported YoY growth of 21.1% to Rs. 1959 Mn. EBITDA has slipped47.7% YoY to Rs. 30 Mn while EBITDA margins contracted by 202bps YoY to 1.5%.