V2 Retail Counts On Strong Wedding Season To Achieve Rs 1,800-Crore Turnover In FY25

V2 Retail Ltd. expects to grow its business turnover to Rs 1,800 crore in the current fiscal on the back of a strong wedding season demand, according to Akash Agarwal, the company’s whole-time director.

In the quarter ended September, V2 Retail’s revenue from operations increased 64.2% year-on-year to Rs 380 crore from Rs 231.3 crore in the year-ago period. Its net losses contracted to Rs 1.9 crore from Rs 5.7 crore in the same quarter of the previous fiscal. Ebitda margins, on the other hand, expanded to 8.7% from 8.6% on a YoY basis.

Talking to NDTV Profit, Agarwal said that the company’s turnover last year was Rs 1,150 crore.

“So, we closed last year at Rs 1,150 crore and this year the target is Rs 1,800 crore,” he said.

The top executive, while talking about the second quarter results, said that the company was expecting a strong performance “because of festive and winter demand”.

“We saw a high double-digit SSSG (same-store sales growth), and it has been continuing into November...We have seen a lot of uptick in sales as well,” he said.

Agarwal noted that the October-December period is also set to be a strong quarter for the company. “We expect to grow by at least 40% to 50% in revenue and also establish a double-digit SSSG in Q3 as well as the coming quarters,” he said.

V2 Retail has not seen any effect of the urban and rural demand slowdown as being reported by automobile and fast-moving consumer good companies, Agarwal said.

In the next 24 months, the company aims to reach Rs 1.2 crore revenue per store per month, he said.

“About two years back, the revenue per store per month was about Rs 68 lakh... This year, we'll achieve more than Rs 1 crore per store per month. We plan to reach Rs 1.2 crore, that is, about Rs 1,200 per square feet per month in 18 to 24 months,” Agarwal told NDTV Profit.

“So, even if we grow at a 9% to 10% SSSG for the next two years, we will reach that number,” he added.

Shares of V2 Retail on Friday closed 3.51% lower at Rs 1,320 apiece on the BSE, compared to 0.96% climb in the benchmark Sensex.