V2 Retail Limited has informed the Exchange about Investor Presentation for Q2 FY 2022-23
V2 Retail Limited
November 10, 2022
BSE Limited Corporate Relationship Department lst Floor, New Trading, Rotunda Building, P J Towers, Dalai Street, Fort, M umbai -- 400 001
National Stock Exchange Of India Limited Listing Department Exchange Plaza, Bandra Kurla Complex, Bandra IEastl, M u mbai -- 400 05 1
Scrip Code -- 532867
Scrip Code - V2RETAIL
Sub: Investor Presentation for Q2 FY 2022-23
Dear Sir/Madam
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 please find enclosed herewith Investor Presentation for Q2 FY2022-23.
The investor presentation shallalso be uploaded on the website of the Company
You are requested to kindly take the above on record
Thanking you
Yours truly For V2 Retail Limited
Sudhir Kumar Company Secretary & Compliance Officer
End.: As above
Khasra No. 919.921,926.928. Extended Lal Dora AbadiVillage Kapashera TeshilVasant Vihar. South West Delhi-110037 Land Mark:- Fun N Food Village Amusement Park - Tel.: 011-41771850 E-mail: customercare(gjvrl.net.in, cs@vrl.net.in ' Website: www.v2retail.com ' CIN : L74999DL2001PLC147724
V2 Retail Limited
Q2 & H1 FY23 Result Update
Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by V2 Retail Ltd. (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company. Competition
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Q2 & H1 FY 23 Highlights
Performance Highlights – Q2 & H1 FY23 - Consolidated
EBIDTA ₹ 112 Mn in Q2 FY23 as compared to ₹ 195 Mn in Q2 FY22. ₹ 338 Mn in H1 FY23 as compared to ₹ 295 Mn in H1 FY22.
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04
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Gross Profit
₹ 548 Mn in Q2 FY23 as compared to ₹ 513 Mn in Q2 FY22. ₹ 1,188 Mn in H1 FY23 as compared to ₹ 781 Mn in H1 FY22.
Revenue
₹ 1,945 Mn in Q2 FY23 as compared to ₹ 1,495 Mn in Q2 FY22. ₹ 4,058 Mn in H1 FY23 as compared to ₹ 2,321 Mn in H1 FY22.
PBT
₹ (155) Mn in Q2 FY23 as compared to ₹ (43) Mn in Q2 FY22. ₹ (191) Mn in H1 FY23 as compared to ₹ (187) Mn in H1 FY22.
₹
PAT
₹ (116) Mn in Q2 FY23 as compared to ₹ (31) Mn in Q2 FY22. ₹ (144) Mn in H1 FY23 as compared to ₹ (145) Mn in H1 FY22.
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Highlights – Q2 FY23
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02
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Store Count & Retail Area 103 Stores at end of Q2 FY23 (Opened 2, Closed 1) Total Retail area ~10.89 lakh sq.ft.
SSG
Same Store Sales Growth 24% in Q2 FY23
ASP
Average Selling price in Q2 FY23 was ₹ 263
ABV
Average Bill value in Q2 FY23 was ₹ 749
PSF Sales per square feet per month in Q2 FY23 was ₹ 600 (Q2 FY22 ₹ 485)
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Highlights – H1 FY23
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Store Count & Retail Area 103 Stores at end of H1 FY23 (Opened 4, Closed 2) Total Retail area ~10.89 lakh sq.ft.
SSG
Same Store Sales Growth 76% in H1 FY23
ASP
Average Selling price in H1 FY23 was ₹ 275
ABV
Average Bill value in H1 FY23 was ₹ 779
PSF Sales per square feet per month in H1 FY23 was ₹ 629 (H1 FY22 ₹ 361)
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Consolidated Financial Highlights
Revenue (₹ Million)
Gross Profit (₹ Million) & Gross Profit Margins
EBIDTA (₹ Million) and EBIDTA Margins
Profit After Tax (₹ Million)
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Standalone Financial Highlights
Revenue (₹ Million)
Gross Profit (₹ Million) & Gross Profit Margins
EBIDTA (₹ Million) and EBIDTA Margins
Profit After Tax (₹ Million)
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Profit & Loss - Consolidated
^ not annualised
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Particulars (₹ million)Q2 FY23Q2 FY22Y-O-YQ1 FY23H1FY23H1FY22Y-O-YFY2022Revenue from Operations1,9451,49530%2,1134,0582,32175%6,292Other Income12201022112159Total Income1,9571,51629%2,1234,0792,43268%6,451Gross Profit5485137%6401,18878152%2,016 GP Margin (%)28.2%34.3%30.3%29.3%33.7%32.0%EBIDTA112195225338295805EBIDTA Margin (%)5.8%13.1%10.7%8.3%12.7%12.8%Depreciation156 147 165 321 301 588 Finance Cost111 91 97 208 181 366 PBT(155) (43) (37) (191) (187) (149) PBT Margin (%)-7.9%-2.8%-1.7%-4.7%-7.7%-2.3%PAT(116) (31) (28) (144) (145) (117) PAT Margin (%)-5.9%-2.1%-1.3%-3.5%-5.9%-1.8%Total Comprehensive Income(117) (33) (28) (145) (147) (121) EPS Basic (₹ per share)^(3.37) (0.91) (0.82) (4.20) (4.22) (3.40) EPS Diluted (₹ per share)^(3.37) (0.91) (0.82) (4.20) (4.22) (3.39) Pre Ind AS 116 Profit & Loss (Consolidated)
IND AS 116 became applicable effective annual reporting period beginning April 1, 2019. The Company has adopted the standard, using the modified retrospective approach for transition. The table highlights the Pre Ind AS 116 P&L
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Particulars (₹ million)Q2 FY23Q2 FY22Y-O-YQ1 FY23H1FY23H1FY22Y-O-YFY2022Revenue from Operations1,9451,49530%2,113 4,058 2,321 75%6,292 Other Income14 6 1 9 7 16 Total Income1,9591,5022,1144,0672,3286,308Cost of Material Consumed1,4029851,4782,8801,5434,288Gross Profit5435116%635 1,178 778 52%2,004 GP Margin (%)27.9%34.2%30.1%29.0%33.5%31.9%Employee Benefit Expenses225158197421255635Other Expenses3963203857825741,274EBIDTA(64) 38 55 (15) (44) 110EBIDTA Margin (%)-3.3%2.6%2.6%-0.4%-1.9%1.7%Depreciation49 43 48 97 93 184 Finance Cost13 12 12 25 22 46 PBT Before Exceptional Item(126) (16) (6) (138) (159) (121) PBT Margin (%)-6.4%-1.1%-0.3%-3.4%-6.8%-1.9% H1FY23 Balance Sheet - Consolidated
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Particulars (₹ in Mn)H1FY23FY2022Particulars (₹ in Mn)H1FY23FY2022ASSETSEQUITY AND LIABILITIESNon-current assetsEquityProperty, plant and equipment1,011 1,029 Equity share capital344 344 Capital Work in Progress- - Other equity 2,213 2,238 Right to use Assets3,073 2,864 Total - Equity2,557 2,582 Other intangible assets41 45 Intangibleassetsunderdevelopment1 - LIABILITIESFinancial assetsNon-current liabilitiesOther financial assets83 80 Borrowings63 56 Deferred tax assets (net)282 274 Lease Liability3,326 3,089 Income tax assets (net)18 14 Financial liabilities2 1 Other non-current assets177 187 Provisions38 40 Total - Non-Current Assets4,688 4,494 Total Non-Current Liabilities3,428 3,186 Current assetsCurrent liabilitiesInventories2,726 2,908 Borrowings474 489 Financial assetsLease Liability343 342 Cash and cash equivalents54 65 Trade payables1,045 1,195 Bank balances other than cash & cash equivalents9 9 Other financial liabilities 92 87 Other financial assets13 15 Provisions23 23 Trade Receivables7 13 Other current liabilities16 17 Other current assets483 418 Total - Current Assets3,291 3,428 Total - Current liabilities1,994 2,153 TOTAL - ASSETS7,979 7,922 TOTAL - EQUITY AND LIABILITIES7,979 7,922 Profit & Loss - Standalone
^ not annualised
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Particulars (₹ million)Q2 FY23Q2 FY22Y-O-YQ1 FY23H1FY23H1FY22Y-O-YFY2022Revenue from Operations1,9451,49530%2,1134,0582,32175%6,292Other Income920918111156Total Income1,9541,51529%2,1224,0762,43268%6,448Gross Profit4924607%6141,10772153%1,886 GP Margin (%)25.3%30.8%29.1%27.3%31.1%30.0%EBIDTA82165225308272763EBIDTA Margin (%)4.2%11.1%10.7%7.6%11.7%12.1%Depreciation149 143 157 306 291 566 Finance Cost109 90 95 205 179 361 PBT(177) (67) (27) (203) (198) (164) PBT Margin (%)-9.0%-4.4%-1.3%-5.0%-8.1%-2.5%PAT(134) (52) (21) (155) (154) (129) PAT Margin (%)-6.9%-3.4%-1.0%-3.8%-6.3%-2.0%Total Comprehensive Income(135) (54) (21) (156) (156) (133) EPS Basic (₹ per share)^(3.89) (1.50) (0.61) (4.50) (4.48) (3.76) EPS Diluted (₹ per share)^(3.89) (1.50) (0.61) (4.50) (4.48) (3.76) Pre Ind AS 116 Profit & Loss (Standalone)
IND AS 116 became applicable effective annual reporting period beginning April 1, 2019. The Company has adopted the standard, using the modified retrospective approach for transition. The table highlights the Pre Ind AS 116 P&L
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Particulars (₹ million)Q2 FY23Q2 FY22Y-O-YQ1 FY23H1FY23H1FY22Y-O-YFY2022Revenue from Operations1,9451,49530%2,113 4,058 2,321 75%6,292 Other Income7 6 1 8 7 14 Total Income1,9521,5022,1144,0662,3286,306Cost of Material Consumed1,4531,0351,4992,9511,5994,407Gross Profit4924607%614 1,107 721 53%1,886 GP Margin (%)25.3%30.8%29.1%27.3%31.1%30.0%Employee Benefit Expenses209146181390233581Other Expenses3833083737565551,232EBIDTA(93) 12 61 (32) (59) 86EBIDTA Margin (%)-4.8%0.8%2.9%-0.8%-2.5%1.4%Depreciation46 41 46 92 90 178 Finance Cost13 12 12 25 22 46 PBT Before Exceptional Item(153) (41) 3 (149) (171) (138) PBT Margin (%)-7.8%-2.7%0.2%-3.7%-7.4%-2.2% Balance Sheet - Standalone
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Particulars (₹ in Mn)H1FY23FY 2022Particulars (₹ in Mn)H1FY23FY 2022ASSETSEQUITY AND LIABILITIESNon-current assetsEquityProperty, plant and equipment881 916 Equity share capital344 344 Capital Work in Progress1 - Other equity 2,111 2,258 Right to use Assets2,978 2,785 Total - Equity2,455 2,601 Other intangible assets37 45 Intangible assets under development2 - LIABILITIESFinancial assetsNon-current liabilitiesInvestment in Subsidiary150 150 Borrowings- - Other financial assets86 77 Lease Liability3,192 3,026 Income tax assets (net)11 13 Financial liabilities2 1 Deferred tax assets (net)317 269 Provisions39 39 Other non-current assets175 185 Other non-current liabilitiesTotal - Non-Current Assets4,639 4,440 Total Non-Current Liabilities3,233 3,067 Current assetsCurrent liabilitiesInventories2,389 2,673 Borrowings474 489 Financial assetsLease Liability400 322 Cash and cash equivalents65 59 Trade payables987 1,119 Bank balances other than cash & cash equivalents9 9 Other financial liabilities 120 81 Other financial assets177 168 Provisions21 22 Trade Receivables12 13 Other current liabilities16 17 Other current assets413 356 Total - Current liabilities2,018 2,049 Total - Current Assets3,066 3,278 TOTAL - ASSETS7,706 7,717 TOTAL - EQUITY AND LIABILITIES7,706 7,717 Cash Flow
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H1FY23H1FY22FY22H1FY23H1FY22FY22PBT (203) (198) (164) (191) (187) (149)Adjustments 543 377 871 558 387 897 Operating profit before working capital changes 340 179 708 367 200 749 Changes in working capital 62 28 (104) 89 (41) (171)Cash generated from operations 402 207 604 456 160 578 Direct taxes paid (net of refund) 2 (1) 9 2 (1) 8 Net Cash from Operating Activities 403 206 613 458 159 586 Net Cash from Investing Activities (28) (53) (116) (60) (83) (157)Net Cash from Financing Activities (369) (244) (589) (356) (234) (583)Net Change in cash and cash equivalents 6 (91) (92) 42 (158) (154)Opening Cash Balance 59 152 152 65 219 219 Closing Cash Balance 65 61 59 107 62 65 StandaloneConsolidatedParticulars (₹ in Mn) Store Presence
Jammu & Kashmir (1)
Kathua
Himachal (1)
Solan
NCR (3)
Mahipalpur; Faridabad; Kapasehra 1
Uttar Pradesh (24)
Gorakhpur 1; Gorakhpur 2; Sitapur; Varanasi 1; Padrauna; Gazipur; Pratapgarh; Lucknow; Behraich; Akbarpur; Azamgarh; Ballia ; Varanasi 3; Gorakhpur 3; Basti; Raebareli; Jaunpur; Prayagraj; Mirzapur; Balrampur; Lakhimpur Kheri; Lucknow 2; Jhansi
Madhya Pradesh (3)
Jabalpur; Sagar; Rewa
Goa (2)
Panaji; Bicholim
Karnataka (4)
Hubli; Belgaum, Vijaynagar, Gulbarga
Uttarakhand (5)
Haldwani; Roorkee; Haridwar, Khatima; Dehradun
Arunachal (1) & Meghalaya (1)
Itanagar ; Shilong
Assam (7) & Tripura (1)
Guwahati 1; Guwahati 2; Guwahati 3; Silchar; Barpeta; Jorhat; Agartala, Silchar 2
West Bengal (1)
Malda
Bihar (25)
Patna ; Gaya; Darbhanga; Bhagalpur; Bettiah; Arrah; Purnia; Siwan; Bihar Sharif; Begusarai (1); Sitamarhi; Motihari; Saharsa; Samastipur, Barh; Banka; Buxer; Aurangabad; Begusarai (2); Muzaffarpur; Madhubani; Patna 2; Gopalganj; Patna 3; Chapra; Sasaram
Jharkhand (8)
Jamshedur; Ranchi; Hazaribagh; Deogarh; Rajdhanwar, Chas, Dumka; Daltonganj
Odisha (16)
Cuttack; Berhampur; Bhuwaneshwar 1; Jeypore; Bhuwaneshwar 2; Bhuwaneshwar 3, Jajpur, Angul, Bhadrak, Balasore; Nimapada; Sundergarh; Raj Khariar; Rourkela; Baripada, Rasulgarh
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Our Brands
Banka, Bihar
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Promotion Campaigns
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Promotion Campaigns
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Promotion Campaigns
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Promotion Campaigns
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Management
Board of Directors
Mr. Ram Chandra Agarwal, Chairman & Managing Director
Ms. Uma Agarwal, Whole Time Director
• Mr. Agarwal holds a bachelor’s degree in
• Mrs. Agarwal holds a bachelor’s degree in
Commerce.
Arts.
• Has a vast experience of ~ 25 years of
• Has a vast experience of ~ 15 years in the
entrepreneurial and business
retail industry.
• He has been a member of the Board of Directors
• Has been a member of the Board of Directors
since inception.
since inception.
• He provides strategic direction to the Company and is the driving force behind the establishment and growth of the Company.
• He is the pioneer in value retailing and brought
this concept in India.
• He was conferred several awards at different forums such as Ernst & Young Entrepreneur of the year award in 2008 and 4Ps Power Brand Award in 2007.
•
She oversees the marketing strategies of the Company.
Mr. Akash Agarwal, Non Executive Director
• Mr. Akash Agarwal holds a bachelor’s of business administration from Lancaster University, UK
• He has more than 7 years of experience
in the Retail Industry.
• He
looks
after
E-Commerce,
Procurement and Finance.
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Board of Directors
Mr. Harbir Singh Sidhu Independent Director
Dr. Arun Kumar Roopanwal Independent Director
Mr. Lalit Kumar Independent Director
Mrs. Archana S Yadav Independent Director
• A Graduate (BA HONS)
from Cambridge University having vast experience of 44 years.
• Mr Sidhu has taught
Economics at Punjab University and JNU & worked as consultant with Planning commission.
• He has vast experience in retail industry, he has worked with: Ebony Retail Holding as Operations Manager, Vishal Mega Mart as Operations Manager, Koutons Retail as Executive Vice President, Credo Brands Marketing Private Limited (Mufti) as CEO
• He has over 35 Years of extensive experience in working with various retail companies.
• He is having a vast
experience the field of Marketing, Product Development, Business Development, Strategic Planning and Administration.
• He has over 30 Years of experience in India and Dubai. As an Entrepreneurial Profits & Growth strategist, he has worked with multiple sectors like Finance, Retail, Education & Skill Development, Infrastructure etc..
• Mr. Lalit has extensive experience in Retail Industry. He was associated with various retail chains both in India and Dubai. He has also been a visiting faculty to NIFT, New Delhi.
• A Chartered Accountant in practice with more than 14 years of experience, having expertise in GST, Income Tax, International Tax & Corporate Audits.
• She served as Financial
Advisor to the autonomous body M/s National Institute of Solar Energy, under Ministry of New & Renewable Energy. She has also worked with various MNC’s as Management Consultant, Service tax Consultant & Direct Tax advisor.
• She was appointed as GST Faculty by ICAI for GST knowledge sharing across India.
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Key Financial Indicators - Historical
Standalone Profit & Loss
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Particulars (₹ in Mn)FY2018FY2019FY2020FY2021FY2022Revenue from Operations5,594 7,484 7,012 5,386 6,292 Other Income33 99 222 222 156 Total Income5,627 7,583 7,234 5,608 6,448 Growth (%)19%34%-6%-23%17%Gross Profit1,804 2,421 1,960 1,583 1,886 GP Margin (%)32%32%28%29%30%EBIDTA550 568 783 709 763 EBIDTA Margin (%)10%8%11%13%12%Depreciation84 144 505 538 566 Finance Cost6 7 299 302 361 PBT Before Exceptional Item460 417 (21) (131) (164) PBT Margin (%)8%5%0%-2%-3%Exceptional Item (Gain) / Loss266 -125 - - PAT311 205 101 -110 (129) PAT Margin (%)6%3%1.4%-2.9%-2.5%Total Comprehensive Income310 204 96 (110) (133) Standalone Balance Sheet
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Particulars (₹ in Mn)FY 2022FY 2021Particulars (₹ in Mn)FY 2022FY 2021ASSETSEQUITY AND LIABILITIESNon-current assetsEquityProperty, plant and equipment916 971 Equity share capital344 341 Capital Work in Progress- - Other equity 2,258 2,378 Right to use Assets2,785 2,849 Total - Equity2,601 2,719 Other intangible assets45 5 Intangibleassetsunderdevelopment- 46 LIABILITIESFinancial assetsNon-current liabilitiesInvestment in Subsidiary150 150 Borrowings- 1 Other financial assets77 70 Lease Liability3,026 3,056 Income tax assets (net)16 21 Financial liabilities1 1 Deferred tax assets (net)269 233 Provisions39 27 Other non-current assets185 192 Other non-current liabilities- - Total - Non-Current Assets4,443 4,538 Total Non-Current Liabilities3,067 3,085 Current assetsCurrent liabilitiesInventories2,673 2,654 Borrowings489 504 Financial assetsLease Liability322 320 Cash and cash equivalents59 152 Trade payables1,119 1,173 Bank balances other than cash & cash equivalents9 7 Other financial liabilities 81 95 Other financial assets168 150 Provisions22 22 Trade Receivables9 7 Other current liabilities17 14 Other current assets356 425 Total - Current liabilities2,049 2,128 Total - Current Assets3,274 3,394 TOTAL - ASSETS7,717 7,932 TOTAL - EQUITY AND LIABILITIES7,717 7,932 Consolidated Profit & Loss
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Particulars (₹ in Mn)FY2020FY2021FY2022Revenue from Operations7,012 5,386 6,292 Other Income25 230 159 Total Income7,037 5,616 6,451 Growth (%)-20%15%Gross Profit1,960 1,628 2,016 GP Margin (%)28%30%32%EBIDTA773 715 805 EBIDTA Margin (%)11%13%13%Depreciation510 555 588 Finance Cost303 313 366 PBT Before Exceptional Item(39)(153)(149)PBT Margin (%)1%-3%-2%Exceptional Item (Gain) / Loss(125)- - PAT88(128)(117)PAT Margin (%)1%-2%-2%Profit for the period88(129)(121)PAT Margin (%)1.4%-2.9%-1.9%Total Comprehensive Income83 (129) (121) Robust Financial Performance
Revenue (₹ Million)
EBIDTA (₹ Million) and EBIDTA Margins
PBT (₹ Million)
PAT (₹ Million)
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Key Operating Metrics
No. of Stores and Retail Space (lakh sq.ft.)
Inventory Holding Days
Sales per Sq. Ft. (₹ Per Month)
Rent per Sq. Ft. (₹ Per Month)
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Thank You
Investor Relation Advisor
Dr. Rahul Porwal Marathon Capital Advisory Private Limited Tel : +91-22-40030610 / 9967576900 Email : rahul@marathoncapital.in
Company
Mr. Sudhir Kumar (Company Secretary & Compliance Officer) V2 Retail Limited Tel : +91-11-41771850 : Email : cs@v2kart.com