India-based fashion retailer V2 Retail Limited’s net profit jumped 73 percent to Rs. 24 crore for the third quarter ended December 2018. For the third quarter of 2017, net profit was Rs. 14 crore.
Notably, V2 offers womenswear, menswear, children’s wear, and lifestyle products.
The retailer’s revenue soared 58 percent to Rs. 241 crore from Rs. 152 crore it had posted in December 2017 quarter.
“Despite significantly increased competitive intensity, Q3 FY 2019 was yet another strong quarter delivered by our continued focus on the basics. Growth was driven by festive demand which commenced with Durga Puja & Navratara followed by Diwali and wedding season,” said Ram Chandra Agarwal, Chairman & Managing Director of the company.
V2 opened six new stores during the October-December period. It ended the quarter with 74 stores in 17 Indian states. The company is looking to further expand its retail presence in the coming months and will focus on Tier II and III cities.
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