V-Mart Retail Ltd, a value retailer based in New Delhi, has announced a net loss of Rs 64.12 crore for the second quarter ending in September 2023. This is a significant increase from the net loss of Rs 11.31 crore reported during the same period last year. The company disclosed these figures in a regulatory filing.
In terms of revenue, V-Mart Retail generated Rs 549.43 crore during the September quarter. This is an improvement compared to the corresponding quarter in the previous year, which saw revenue of Rs 506.16 crore.
V-Mart Retail pointed out that its results are not directly comparable due to the inclusion of the business operations of LimeRoad, a digital marketplace that was acquired by the company in the previous year. The company stated, “Accordingly, the results of the quarter ended September 30, 2022, are not comparable.”
During the September quarter, V-Mart Retail recorded total expenses amounting to Rs 637.84 crore.
As a result of this news, the shares of V-Mart Retail Ltd closed at Rs 1,702.45 apiece on Monday, reflecting a decrease of 0.46 percent from the previous closing price.
V-Mart Retail continues to navigate the challenges of the retail industry, and its financial performance in the second quarter reveals the impact of the acquisition of LimeRoad. The company remains committed to adapting and growing in a competitive market.
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