Value fashion and lifestyle products retailer V-Mart Retail Ltd on Friday reported narrowing of its standalone net loss to Rs 8.43 crore in the quarter ended March 2020.
The company had posted a net loss of Rs 90.42 crore in the January-March quarter of last fiscal, V-Mart said in a regulatory filing.
Its revenue from operations was down 3.44 percent at Rs 332.66 crore during the period under review as against Rs 344.53 crore in the corresponding period of the previous fiscal.
“The store closures resulting from back-to-back lockdowns have adversely affected our business operations and led to significant decline in revenues, which was otherwise growing at 29 percent over last year till mid-March. This impacted gross margins and EBITDA disproportionately, as large part of our business expenses are fixed costs,” said V-Mart Retail in a post-earning statement.
Its total expenses were at Rs 343.89 crore in the last quarter of 2019-20 as against Rs 334.33 crore in the year-ago quarter.
“During FY20, V-Mart maintained its stable performance, and in particular Q4, propelled by the late onset of winters saw revenue growth of 29 percent, LTL growth of 8 percent and EBITDA growth of 60 percent until March 15, when the COVID-19 pandemic heightened, resulting into store closures and business disruption,” the company said.
For the fiscal year 2019-20, V-Mart’s net profit was down 19.92 percent to Rs 49.34 crore compared to Rs 61.62 crore in the previous year.
Its revenue from operations rose by 15.92 percent to Rs 1,662.02 crore in 2019-20 compared to Rs 1,433.74 crore in 2018-19.