V2 Retail opens 63rd store, 14th in UP
V2 Retail Limited has announced that it has opened its 63rd ‘V2 Retail’ store in India. This store is opened at Lucknow, Uttar Pradesh. This is the retail chain's 14th store in Uttar Pradesh. V2 Retail's stores are spread across 17 states and 57 cities.
Earlier, the company had announced that it had opened its 62nd store at Bhubaneswar, Odisha. This was its 6th store in the state of Odisha.
The company plans to open 1000 such retail stores over the next five years in India. It will touch 100-store mark in FY19. By end of June 2018, it has already opened 63 stores and it plans to open the next 37 stores by end of March 2019.
With total retail area spread across 1.1 million sq.ft., the company's management expects to generate revenue of Rs. 900 crore in FY19.
For FY18, the company achieved growth of 18.5 per cent in its top-line at Rs. 559 crore. The operating profit increased by 29.2 per cent YoY. The EBITDA margin for the year stood at 8.8 per cent. However, PAT in FY18 was down by 20.4 per cent YoY on account of higher depreciation costs and higher tax payments. The PAT margin stood at 5.6 per cent in FY18.
On Thursday, the stock closed at Rs. 401.30 per share. On Friday, it jumped by 3.5 per cent and made intra-day high of Rs. 415.60.