V2 Retail, one of the fastest growing retail company in India reported consolidated net loss at Rs 113.1 million for the quarter ended June 30, 2021 as compared to net loss of Rs 93.1 million for the same quarter in the last fiscal. Total income of the company reported two-fold jump at Rs 916.9 million for Q1FY22 as compared Rs 447.1 million for the corresponding quarter previous year.

On standalone basis, the company reported net loss at Rs 101.8 million for the quarter ended June 30, 2021 as compared to net loss of Rs 89.2 million for the same quarter in the previous year. Total income of the company reported two- fold jump at Rs 916.3 million for Q1FY22 as compared Rs 443.4 million for the corresponding quarter previous year.

For the quarter, revenue from operations stood at Rs 825 million, registering a growth of 123% on YO-Y basis. Gross Margin stood at 31.7% for Q1 FY22 as compared to 29.7% for Q1 FY21.

Lockdown and related restrictions impacted operations at majority of our stores in Q1 FY22. The stores were operational on an average for 45% days of the total days for the quarter, the company said.

EBIDTA for the quarter stood at Rs 107 million as compared to Rs 72 million in Q1 FY21. EBIDTA margin stood at 12.9% for Q1 FY22 as compared to 19.5% for Q1 FY21.

Ram Chandra Agarwal, Chairman & Managing Director said, "The second wave and the aftermath disrupted our operations across our stores in recent months. Our stores operated for only 45% of the trading days in Q1 FY22. Nevertheless, we have been pleasantly encouraged by the rapid recovery in customer offtake starting from the middle of June on easing of pandemic related restrictions considerably aiding sentiment and improving consumer traction.It is encouraging to note that in recent weeks, over 90% of our stores are operational on most days of a week with local restrictions being increasingly eased.

We are witnessing a sharp recovery with July registering revenue recovery of over 85% vis-à-vis FY20 levels. Our customers continue to increasingly leverage the convenience of our digital platforms with the online channel registering growth in Q1 over previous quarter.With above normal monsoon so far, we forsee a strong demand rebound during festival season starting August 2021 onwards. While we cannot predict how quickly we will see the back of this crisis, we know that it will get behind us, especially given the substantial vaccination program. And when it does abate, customer demand should further grow robustly.

We are confident that the business has the expertise and importantly the resilience to weather this crisis.Our expansion plan on Stores is on track. Save delays due to pandemic, we are planning to open 10+ stores in FY22. Our emphasis on Private Brands continues and the growth is encouraging. Health and safety of all our customers and employees are of paramount importance and all required precautions are being adhered to.”

Shares of the company declined Rs 3.35, or 2.89%, to settle at  Rs 112.50.  The total volume of shares traded  was 1,982 at the BSE (Tuesday).