Senior Correspondent, IndianRetailer.com & Retailer Magazine Aug 21, 2017 / 2 MIN READ
V-Mart Retail, which is a multi-brand retail chain, has reported an over two-fold jump in its net profit at Rs 223.5 crore for the June quarter. The company had posted a net profit of Rs 93.6 crore during the same period of the previous fiscal, V-Mart Retail said in a BSE filing. Total income during the quarter under review stood at Rs 3,162.3 crore as against Rs 2,285.6 crore in the year-ago period, up 38.35 per cent. V-Mart Retail CMD Lalit Agarwal attributed the profit to longer marriage season and preponement of Eid festivities from the second quarter. On the outlook, he said: "Though the upcoming quarter is the weakest quarter in the Indian retail industry, our business outlook remains positive and V-Mart looks forward to grow consistently." Stock of the company closed 0.31 per cent higher at Rs 1,220.60 apiece on BSE.
New stores would be largely located in West Bengal and Orissa.
Opens its second outlet in Patna
V-Mart, primarily operate in tier II & tier III cities with the chain of "Value Retail" departmental stores, would continue to add more stores in its existing markets, the company said in a statement.
Samir who has joined the organization at an exciting time will be responsible for spearheading the development and execution of long-term strategies with the goal of increasing shareholder value.
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