V2 Retail, Indian retail mix company combined with value and variety has recorded a sales decline of 6% to Rs 7,012 million in the financial year 2019-20 as compared to the sales of 7,484 million in the previous year. Earnings before interest, tax, depreciation, and amortization (EBITDA) have increased by 62% to Rs 760 million.
V2 Retail’s gross profit for FY20 stood at ₹1,960 million (₹2,421 million). Profit Before Tax for the year was Rs 105 million (Rs 151 million). The company’s total comprehensive income during FY20 fell to Rs 96 million (Rs 204 million).
“We started the quarter on a positive note. We were able to achieve a positive SSG to March 15, 2020. However, the situation changed drastically with the outbreak of the Covid-19 pandemic and the resultant lockdown. The consumer sentiment has suddenly changed from positive to cautious and will take some time to return to normalcy,” Ram Chandra Agarwal, chairman & managing director, said in a press release.
“The entire economy is facing a slowdown, the retail sector being one of the most impacted sectors as people shift their consumption to only essential. We anticipate the situation to stabilize and start turning positive from quarter 3 of this fiscal year,” Agarwal said. “As of the current date, out of 74 stores, we have received permission to operate 65 stores. We are engaging with the local administration to obtain permission to start operating balance stores.”