India-based, V2 Retail, formerly known as Vishal Retail and Indian textile and apparel conglomerate Arvind Limited have announced financial results for the first quarter of this fiscal.
V2 Retail which has 47 stores operational in more than 5,35,000 square feet of retail space, as per its website, reported 29 per cent increase in net profit to Rs. 11 crore as compared to Rs. 9 crore in the corresponding period last year.
Revenue for the retailer inclined by 32 per cent to Rs. 188 crore as compared to Rs. 142 crore in the same period a year ago.
The retail brand which added 14 new stores during the quarter aims to take its total count to 100 by the end of the next fiscal in 2019.
Denim maker Arvind Limited reported 20 per cent decline in standalone net profit from Rs. 80 crore in the same period last year to Rs. 64 crore in the reporting quarter this year. Total income during the reporting period for the textile conglomerate totaled Rs. 1,686 crore as compared to Rs. 1,643 crore in the corresponding quarter last year.
Arvind’s net profit on a consolidated basis increased by 12 per cent from Rs. 57 crore in the same period previous year to Rs. 64 crore this year while consolidated income for textile company in the reporting quarter settled at Rs. 2,875 crore, as compared to Rs. 2,608 crore in the same period last year.
The company is hopeful to note more than 20 per cent growth for its branded apparel segment.
