V2 Retail Limited has informed the Exchange regarding 'Investor Presentation'.
V2 Retail Limited
27rd May, 2025
BSE Ltd. Corporate Relation Department, Listing Department, Rotunda Building, PJ Towers, Dalal Street, Mumbai – 400 023. Scrip Code: 532867
National Stock Exchange of India Ltd. Listing Department Exchange Plaza, C-1, Block- G, Bandra Kurla Complex Bandra (East) Mumbai–400 051 NSE Symbol: V2RETAIL
Sub: Investor Presentation for Q4 FY 2024-25
Dear Sir/Madam,
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, please find enclosed herewith Investor Presentation for Q4 FY 2024-25.
The investor presentation shall also be uploaded on the website of the Company.
You are requested to kindly take the above on record.
Thanking you, YOURS FAITHFULLY, FOR V2 RETAIL LIMITED
SHIVAM AGGARWAL COMPANY SECRETARY & COMPLIANCE OFFICER
Encl.: As above
Khasra No. 928, Extended Lal Dora Abadi Village Kapashera, Tehsil Vasant Vihar, South West Delhi, New Delhi, Delhi-110037 E-mail: customercare@vrl.net.in, Website: www.v2retail.com, CIN: L74999DL2001PLC147724, Tel.: 011-41771850
Q4 & FY25 Performance Highlights
Q4 & FY25 Performance Highlights (Consolidated)
Revenue
Gross Profit
EBIDTA
PAT
5 2 Y F 4 Q
5 2 Y F
₹ 498.5 crore
+68%
₹ 137.7 crore 27.6%
+66%
₹ 57.8 crore 11.6%
+84%
₹ 6.4 crore 1.3%
+79%
₹ 1,884.5 crore
+62%
₹ 551.3 crore 29.3%
+59%
₹ 257.8 crore 13.7%
+74%
₹ 72.0 crore 3.8%
+159%
Leading the way in Affordable, High Quality Fashion
Manufacturing
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Key Operational Highlights Q4 FY25
Sales Per Square Feet
08
Sales per square feet (PSF) per month was ₹ 896 in Q4FY25 as compared to ₹ 830 in Q4FY24.
Stores Count & Retail Area
189 Stores at the end of Q4FY25
(Opened 29)
Total Retail Area ~ 20.27 lakh sq.ft.
MRP Sales Contribution
MRP Sales at 87% in Q4FY25 as compared to 90% in Q4FY24.
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Division wise Sales
05
Men’s Wear 41%, Ladies Wear 27% Kids Wear 25% & LifeStyle 8%
Nos. are on Standalone basis
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Same Stores Sales Growth
Same stores sales growth (SSG) stood at ~24% for Q4FY25.
02
Volume Growth
Volume growth for Q4FY25 stood at 44% (Y-o-Y).
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Average Selling Price
ASP was ₹ 308 compared to ₹ 262 in Q4FY24.
in Q4FY25 as
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Average Bill Value
ABV was ₹ 877 compared to ₹ 795 in Q4FY24.
in Q4FY25 as
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Key Operational Highlights FY25
Sales Per Square Feet
08
Sales per square feet (PSF) per month was ₹ 1,017 in FY25 as compared to ₹ 854 in FY24.
Stores Count & Retail Area
189 Stores at the end of FY25 (Opened 74 & Closed 2)
Total Retail Area ~20.27 lakh sq.ft.
MRP Sales Contribution
MRP Sales at 89% compared to 87% in FY24.
in FY25 as
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Division wise Sales
05
Men’s Wear 40%, Ladies Wear 27% Kids Wear 25% & LifeStyle 8%
Nos. are on Standalone basis
01
Same Stores Sales Growth
Same stores sales growth (SSG) stood at ~29% for FY25.
02
Volume Growth
Volume growth for FY25 stood at 43% (Y-o-Y).
03
Average Selling Price
ASP was ₹ 297 compared to ₹ 263 in FY24.
in FY25 as
04
Average Bill Value
ABV was ₹ 859 compared to ₹ 797 in FY24.
in FY25 as
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Q4 & FY25 Financial Highlights (Consolidated)
Revenue (₹ Cr)
Gross Profit (₹ Cr)
EBIDTA (₹ Cr)
PAT (₹ Cr)
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6
138 83 551 346 Q4 FY25Q4 FY24FY25FY2466%33%27.6%28.0%29.3%29.7%59%499 296 1,884 1,165 Q4 FY25Q4 FY24FY25FY2468%62%58 31 258 148 Q4 FY25Q4 FY24FY25FY2412.9%17.4%10.6%11.6%13.7%12.7%84%74%6 4 72 28 Q4 FY25Q4 FY24FY25FY24(20.1)%(11.1)%79%159%FY25 Operational Parameters (Consolidated)
Inventory (Days of Sales)
Creditors (Days of Sales)
Net Working Capital (Days of Sales)
Return on Equity (ROE)
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23.2%10.7%-5.1%FY25FY24FY 23Q4 & FY25 Operational Parameters
Sales Per Square Feet (PSF) per Month (₹)
Same Stores Sales Growth (SSG)
Average Bill Value (ABV) (₹)
Average Selling Price (ASP) (₹)
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24%40%29%31%Q4 FY25Q4 FY24FY25FY24Q4 & FY25 Profit & Loss - Consolidated
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Particulars (₹ Cr)Q4 FY25Q4 FY24Y-O-Y% ChangeQ3 FY25FY25FY24Y-O-Y% ChangeRevenue from Operations 498.5 296.0 68% 590.9 1,884.5 1,164.7 62%Cost of Material Consumed 357.4 200.4 388.5 1,285.3 766.8 Direct Expenses 3.4 12.9 13.0 48.0 51.9 COGS 360.8 213.3 401.4 1,333.2 818.7 Gross Profit 137.7 82.8 66% 189.5 551.3 346.0 59%GP Margin %27.6%28.0%32.1%29.3%29.7%Employee Expenses 42.3 29.5 42.3 159.2 105.5 Other Expenses 37.6 21.9 35.8 134.2 92.7 EBIDTA 57.8 31.4 84% 111.5 257.8 147.8 74%EBIDTA Margin %11.6%10.6%18.9%13.7%12.7%Other Income 1.9 0.9 1.2 7.0 7.5 Depreciation & Amortisation 27.9 19.5 26.3 98.6 76.7 Finance Cost 21.4 12.8 17.8 67.9 47.2 Profit before Tax 10.3 0.0 21203% 68.5 98.2 31.4 213%PBT Margin %2.1%0.0%11.6%5.2%2.7%Tax 3.9 (3.6) 17.3 26.2 3.6 PAT 6.4 3.6 79% 51.2 72.0 27.8 159%PAT Margin %1.3%1.2%8.6%3.8%2.4%Q4 & FY25 Profit & Loss – Consol. (Pre Ind As)
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Particulars (₹ Cr)Q4 FY25Q4 FY24Y-O-Y% ChangeQ3 FY25FY25FY24Y-O-Y% ChangeRevenue from Operations 498.5 296.0 68% 590.9 1,884.5 1,164.7 62%Cost of Material Consumed 357.4 200.4 388.5 1,285.3 766.8 Direct Expenses 3.5 13.5 13.4 49.7 54.3 COGS 360.9 213.9 401.9 1,335.0 821.1 Gross Profit 137.6 82.2 67% 189.1 549.5 343.6 60%GP Margin %27.6%27.8%32.0%29.2%29.5%Employee Expenses 42.3 29.5 42.3 159.8 105.8 Other Expenses 67.9 41.9 63.1 238.5 169.5 EBIDTA 27.4 10.8 154% 83.7 151.2 68.3 121%EBIDTA Margin %5.5%3.6%14.2%8.0%5.9%Other Income 1.6 0.7 0.3 3.8 3.3 Depreciation & Amortisation 8.0 5.9 7.7 28.4 22.8 Finance Cost 5.5 3.0 3.4 13.6 7.5 Profit before Tax 15.5 2.6 502% 73.0 113.0 41.3 173%PBT Margin %3.1%0.9%12.3%6.0%3.5%Tax 3.9 (3.6) 17.3 26.2 3.6 PAT 11.6 6.1 89% 55.6 86.8 37.8 130%PAT Margin %2.3%2.1%9.4%4.6%3.2%Q4 & FY25 Profit & Loss - Standalone
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Particulars (₹ Cr)Q4 FY25Q4 FY24Y-O-Y% ChangeQ3 FY25FY25FY24Y-O-Y% ChangeRevenue from Operations 498.5 296.0 68% 590.9 1,884.5 1,164.7 62%COGS 366.6 220.6 409.0 1,366.9 845.1 Gross Profit 131.9 75.4 75% 182.0 517.6 319.7 62%GP Margin %26.5%25.5%30.8%27.5%27.4%Employee Expenses 38.5 25.3 37.1 138.1 92.6 Other Expenses 36.1 19.8 34.0 127.1 84.7 EBIDTA 57.3 30.3 89% 110.9 252.3 142.4 77%EBIDTA Margin %11.5%10.2%18.8%13.4%12.2%Other Income 1.3 0.8 0.4 5.4 6.9 Depreciation & Amortisation 27.2 18.3 25.6 94.7 72.5 Finance Cost 20.9 12.5 17.5 66.2 46.1 Profit before Tax 10.5 0.3 3065% 68.2 96.7 30.6 216%PBT Margin %2.1%0.1%11.5%5.1%2.6%Tax 3.8 (3.5) 17.3 25.8 3.3 PAT 6.7 3.9 72% 50.9 70.9 27.3 160%PAT Margin %1.3%1.3%8.6%3.8%2.3%Q4 & FY25 Profit & Loss – Standalone (Pre Ind As)
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Particulars (₹ Cr)Q4 FY25Q4 FY24Y-O-Y% ChangeQ3 FY25FY25FY24Y-O-Y% ChangeRevenue from Operations 498.5 296.0 68% 590.9 1,884.5 1,164.7 62%COGS 366.6 220.6 409.0 1,366.9 845.1 Gross Profit 131.9 75.4 75% 182.0 517.6 319.7 62%GP Margin %26.5%25.5%30.8%27.5%27.4%Employee Expenses 38.4 25.2 37.1 138.7 93.0 Other Expenses 66.4 39.7 61.3 231.0 160.8 EBIDTA 27.0 10.5 156% 83.6 147.9 65.9 124%EBIDTA Margin %5.4%3.6%14.1%7.8%5.7%Other Income 1.0 0.5 0.1 2.7 2.8 Depreciation & Amortisation 7.4 5.4 7.3 26.2 21.2 Finance Cost 5.1 2.9 3.2 12.5 7.2 Profit before Tax 15.6 2.9 446% 73.1 111.9 40.4 177%PBT Margin %3.1%1.0%12.4%5.9%3.5%Tax 3.8 (3.5) 17.3 25.8 3.3 PAT 11.8 6.4 84% 55.8 86.1 37.1 132%PAT Margin %2.4%2.2%9.4%4.6%3.2%Media & Promotion Campaigns
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Media & Promotion Campaigns
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Media & Promotion Campaigns
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New Stores Opening
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New Stores Opening
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Corporate Overview
About V2 Retail
V2 Retail Limited, incorporated in the year 2001 under the visionary leadership of Mr. Ram Chandra Agarwal with an objective of providing merchandise to masses at affordable price.
The Company went Public in the year 2007. The brand “Vishal” was sold in the year 2011 due to operational losses. The Company was renamed V2 Retail Limited
It primarily operates in Tier-II and Tier-III cities, with a chain of “V2 Retail” stores offering apparels and general merchandise, catering to the entire family.
Its motto is “Value & Variety" can be truly identified from the range and the value of product portfolio it maintain across all stores.
V2 Retail caters to the ‘neo middle class’ and ‘middle class’ group of population. Sales per square feet per month of ₹ 1,017 for FY25 & ₹ 854 for FY24
The Company currently operates 189 stores spread across 20 states and around 150 cities with a total retail area of ~ 20.27 lac Sq. Ft.
At V2 Retail, our mission is to democratize fashion by offering high- quality, trendy apparel at affordable prices to value conscious consumers across all tiers of cities
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Business Division / Verticals
• Men’s Wear – Upper, Lower, Occasion Wear, Winter Wear,
Sportswear, Formal, Casual,
• Ladies Wear – Ethnic wear, Upper, Lower, Occasion Wear, Winter
Wear, Sportswear
• Kids Wear – Boy, Girls, Infants, Winter Wear
• Lifestyle - Lifestyle products like Deodorants, wallets, sunglasses,
ladies purse etc.
The key factors driving apparel business
Occasions
Occasions Drive Purchases
Festivals| Weddings| Birthdays| Social Functions
Functional Needs
Discount| Offers| Sale| Replace Old Clothes | Fashion
Emotional Needs
New Seasons| New Trends| Fun times| Feels likes it
Brand Recall
Price| Quality of make| Quality & Type of Fabrics| Durability| Comfort| Fit
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Inventory Management & Customer Satisfaction
Manufacturing • State of art manufacturing facility in Noida &
Bihar
• Equipped with best brand machines • Optimizing Cost & enhancing quality control
Supply Chain
• Mix of own designed products as well as
procure high quality products at a value
• Helps
in Quality Control &
Inventory
Management
Retail Presence
• 189 Stores in more than 150 cities and 20 states • Retail Area of ~ 20.27 lakh Sq.Ft.
01 Product Design
•
In House Product development Team of 25 designers
• Creating unique & trend setting designs • Greater control over our product portfolio
Job Work
• Dedicated Job workers for own designed products • Helps in maintaining quality & Inventory
Management
Warehouse & Logistic
• Centralised warehouse & distribution center at
Gurgaon
• Own fleet of vehicles refill the inventory at stores
once a week
Customer Delight
• Ensuring a seamless process that translates into superior products for our customers
• Happy & Satisfied Customers
Product Design
Manufacturing
Retailing
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Retail Footprint – Reaching Customers
189 Stores at the end of FY25
(Opened 74 & Closed 2)
Retail Area ~20.27 lakh sq.ft.
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StateNo. of StoresAndhra Pradesh1Arunachal Pradesh1Assam13Bihar38Chattisgarh2Delhi & NCR8Goa2Himachal Pradesh1J & K2Jharkhand16Karnataka12Madhya Pradesh13Meghalaya1Odisha26Punjab1Rajasthan1Tripura1Uttar Pradesh35Uttrakhand6West Bengal9Total189Stores Experience
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Stores Experience
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Stores Experience
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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 ~ 30 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, Whole Time Director
• Mr. Akash Agarwal holds an International IE University Spain and a Business from Lancaster
degree (BBA)
MBA from Bachelor’s Administration University (UK)
in
• He has more than 10 years of experience
in the Retail Industry.
• He
looks
after
E-Commerce,
Procurement and Finance.
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Independent Directors
Dr. Arun Kumar Roopanwal Independent Director
Mrs. Archana S Yadav Independent Director
Mr. Srinivas Anand Mannava Independent Director
• 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.
• 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.
• Post-Graduate Program in
Business Management from IIM, Kozhikode.
• He has financial expertise and
extensive experience in Strategy Planning, Improving Shareholders Wealth, and Financial Journalism.
• He authored Investor Relations
book, published by ICFAI. Host IR Awards annually at BSE with Entities Like Bloomberg, BNY Mellon, KPMG, IR Magazine. Launched certification in Investor Relations in Association with BSE Institute.
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Historical Financials & Operational Indicators
Consolidated Profit & Loss
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Particulars (₹ in Cr)FY2021FY2022FY2023FY2024FY2025Revenue from Operations538.6 629.2 838.9 1,164.7 1,884.5 Growth (%)-23.2%16.8%33.3%38.8%61.8%Gross Profit162.8 201.6 260.1 346.0 551.3 GP Margin (%)30.2%32.0%31.0%29.7%29.3%EBIDTA48.5 64.7 84.0 147.8 257.8 EBIDTA Margin (%)9.0%10.3%10.0%12.7%13.7%Other Income23.0 15.9 6.7 7.5 7.0 Depreciation55.5 58.8 67.1 76.7 98.6 Finance Cost31.3 36.6 40.6 47.2 67.9 PBT Before Exceptional Item(15.3) (14.9) (17.0) 31.4 98.2 PBT Margin (%)-2.7%-2.3%-2.0%2.7%5.2%PAT(13) (11.7) (12.8) 27.8 72.0 PAT Margin (%)-2%-2%-2%2%4%Total Comprehensive Income(12.9) (12.1) (13.0) 27.5 71.6 Consolidated Balance Sheet
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Particulars (₹ in Cr)FY2025FY2024FY2023Particulars (₹ in Cr)FY2025FY2024FY2023ASSETSEQUITY AND LIABILITIESNon-current assetsEquityProperty, plant and equipment210.1 116.1 98.6 Equity share capital34.6 34.6 34.4 Capital Work in Progress4.2 0.2 0.1 Other equity 311.7 240.1 212.5 Right to use Assets652.4 361.5 305.8 Total - Equity346.3 274.7 246.9 Other intangible assets0.6 2.1 3.7 Intangible assets under - - 0.3 LIABILITIESFinancial assets- Non-current liabilitiesLoans1.4 - - Financial liabilitiesOther financial assets15.4 10.9 8.3 Borrowings18.9 16.4 7.2 Deferred tax assets (net)30.7 28.5 32.0 Lease Liability696.6 388.7 330.3 Non-Current tax assets (net)0.2 0.9 0.6 Other financial liabilities- - - Other non-current assets27.1 20.5 18.0 Provisions8.3 6.3 4.4 Total - Non-Current Assets942.0 540.7 467.4 Total Non-Current Liabilities723.8 411.4 341.9 Current assetsCurrent liabilitiesInventories558.2 418.9 278.9 Borrowings96.7 74.5 46.5 Financial assetsLease Liability37.8 45.9 39.8 Cash and cash equivalents9.0 9.4 4.9 Trade payables369.4 193.5 106.5 Bank balances other than cash & cash equivalents0.4 0.4 0.2 Other financial liabilities 40.6 20.0 7.4 Other financial assets10.1 6.1 1.1 Provisions3.9 3.1 2.4 Trade Receivables0.1 0.1 0.1 Other current liabilities9.9 4.0 1.9 Other current assets108.5 51.6 40.7 Total - Current Assets686.4 486.4 325.9 Total - Current liabilities558.3 341.0 204.4 TOTAL - ASSETS1,628.4 1,027.1 793.3 TOTAL - EQUITY AND LIABILITIES1,628.4 1,027.1 793.3 Standalone Profit & Loss
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Particulars (₹ in Cr)FY2021FY2022FY2023FY2024FY2025Revenue from Operations539 629 839 1,165 1,884 Growth (%)-23.2%16.8%33.3%38.8%61.8%Gross Profit158.3 188.6 243.4 319.7 517.6 GP Margin (%)29.4%30.0%29.0%27.4%27.5%EBIDTA48.8 60.7 78.8 142.4 252.3 EBIDTA Margin (%)9.1%9.7%9.4%12.2%13.4%Other Income22.2 15.6 6.1 6.9 5.4 Depreciation53.8 56.6 63.9 72.5 94.7 Finance Cost30.2 36.1 39.9 46.1 66.2 PBT Before Exceptional Item(13.1) (16.4) (18.8) 30.6 96.7 PBT Margin (%)-2.3%-2.5%-2.2%2.6%5.1%PAT-11.0 (12.9) (14.5) 27.3 70.9 PAT Margin (%)-2.0%-2.0%-1.7%2.3%3.8%Total Comprehensive Income-11.0 (13.3) (14.6) 27.1 70.5 Standalone Balance Sheet
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Particulars (₹ in Cr)FY2025FY2024FY2023Particulars (₹ in Cr)FY2025FY2024FY2023ASSETSEQUITY AND LIABILITIESNon-current assetsEquityProperty, plant and equipment192.6 95.2 85.7 Equity share capital34.6 34.6 34.4 Capital Work in Progress4.2 0.2 0.1 Other equity 310.4 239.9 212.8 Right to use Assets649.1 352.3 300.3 Total - Equity345.0 274.5 247.2 Other intangible assets0.3 1.5 3.1 Intangible assets under development- - 0.3 LIABILITIESFinancial assetsNon-current liabilitiesInvestment in Subsidiary15.0 15.0 15.0 Financial liabilitiesOther financial assets13.2 8.8 7.9 Borrowings12.7 3.9 - Deferred tax assets (net)30.4 27.9 31.2 Lease Liability693.1 381.0 326.3 Non-Current tax assets (net)- 0.6 0.5 Other financial liabilities- - - Other non-current assets26.7 20.3 17.7 Provisions8.1 6.0 4.3 Total - Non-Current Assets931.4 521.7 461.8 Total Non-Current Liabilities713.9 390.8 330.6 Current assetsCurrent liabilitiesInventories526.2 360.0 246.5 Borrowings95.6 73.5 46.5 Financial assetsLease Liability37.7 43.8 37.7 Cash and cash equivalents7.6 6.2 1.9 Trade payables331.7 159.1 93.0 Bank balances other than cash & cash equivalents0.4 0.4 0.2 Other financial liabilities 39.7 17.5 6.4 Other financial assets10.2 8.1 7.3 Provisions3.9 3.0 2.3 Trade Receivables0.0 0.1 0.1 Other current liabilities9.6 3.7 1.4 Other current assets101.4 69.6 47.5 Total - Current Assets645.7 444.4 303.5 Total - Current liabilities518.2 300.7 187.4 TOTAL - ASSETS1,577.1 966.1 765.2 TOTAL - EQUITY AND LIABILITIES1,577.1 966.1 765.2 Cash Flow Statement
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FY2025FY2024FY2025FY2024PBT 96.7 30.6 98.2 31.4 Adjustments 152.1 131.3 157.3 136.4 Operating profit before working capital changes 248.8 161.9 255.5 167.8 Changes in working capital (10.9) (76.4) (7.7) (73.6)Cash generated from operations 237.8 85.4 247.8 94.2 Direct taxes paid (net of refund) (25.0) (0.1) (24.8) (0.7)Net Cash from Operating Activities 212.9 85.3 223.0 93.4 Net Cash from Investing Activities (128.3) (28.7) (130.7) (39.3)Net Cash from Financing Activities (83.3) (52.3) (92.7) (49.6)Net Change in cash and cash equivalents 1.3 4.3 (0.4) 4.5 Opening Cash Balance 6.2 1.9 9.4 4.9 Closing Cash Balance 7.6 6.2 9.0 9.4 Particulars (₹ in Cr)StandaloneConsolidatedRobust Standalone Financial Performance
Revenue (₹ Cr)
EBIDTA (₹ Cr) & EBIDTA Margin
PBT (₹ Cr)
PAT (₹ Cr)
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Key Operating Matrix - Standalone
No. of Stores & Retail Space (lakh sq.ft.)
Inventory Holding Days
Sales Per Sq. Ft. (₹ Per Month)
Rent Per Sq. Ft. (₹ Per Month)
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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.
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