Fashion retailer V2 Retail Limited on Wednesday posted a standalone net loss of Rs. 9 crore for the first quarter ended 30 June 2020, as against a net profit of Rs. 11 crore in the corresponding quarter of the previous fiscal.
The company’s revenue from operations stood at Rs. 37 crore, falling 82 per cent, in the April-June 2020 quarter, as compared to Rs. 202 crore during the same quarter of 2019.
Retail stores weren’t operational for a major part of the quarter owing to the nationwide lockdowns in the wake of the coronavirus pandemic, which led to the plummeting figures, underlined V2 Retail.
Ram Chandra Agarwal, the company’s Chairman and Managing Director, stated now that stores have become fully operational, the brand has begun to witness gradual pickup.
“However, due to the various amended guidelines issued by local authorities including phasing/re-imposition of lockdowns to combat the spread of COVID-19, the store level activities have been impacted,” he highlighted, further adding, “The trajectory of recovery from this pause would depend on the playout of the COVID pandemic and its effect on consumer sentiment and confidence.”
V2 Retail expects the situation to get better from the year’s third quarter, Ram Chandra emphasised, hoping to see a “serious uptick in consumer demand with the onset of the festive season starting from Durga Puja and Diwali.”
