For Q1FY21, the revenue from operations stood at Rs.36.97 crore, a decline of 82%, as against Rs.202.34 crore in the first quarter of the previous fiscal, V2 Retail said in a regulatory filing.
The consumer demand is likely to pick up with the onset of the festive season starting from Durga Puja and Diwali.
"We are confident that following this pause, our growth and profitability will continue to accelerate on the back of sustained focus on customer experience, merchandise selection, strong brand recall and our omni channel presence," he added.
V2 Retail Ltd comes under the ever growing Retail sector - Apparel/Accessories industry.
In July, 2020, there were media reports that National Company Law Tribunal ruled to close the insolvency proceedings against value fashion retailer V2 Retail, after its operational creditor settled the payment-related dispute with the business.
“Under such circumstances, we think it is proper to approve the settlement,” said the NCLT in its order dated July 10, the Press Trust of India reported.
“Accordingly, we hereby allow the prayer of the IRP and the company petition... stands dismissed as withdrawn and the order dated June 25, 2020, by the CIRP was ordered to be initiated in the present matter is hereby set aside.”
The company clocked a total revenue total of Rs.701.22 crore ($105.4 million) for the 2020 financial year.
V2 Retail Limited, which stands for Value and Variety, claims to be a complete family fashion store. The brand offers womenswear, menswear, children’s wear, and lifestyle products.
This Ram Chander Agarwal promoted company was launched in 2001. It retails womenswear, menswear, and children’s wear through its 74 (seventy four) stores in 13 Indian states.
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