BRIEF-India's V-Mart Retail March Qtr Loss Widens

  • Reuters
  • Stock Market News
BRIEF-India's V-Mart Retail March Qtr Loss Widens
Credit: © Reuters.

May 29 (Reuters) - V-mart Retail Ltd VMAR.NS :

* MARCH QUARTER LOSS 84.4 MILLION RUPEES VERSUS LOSS OF 9 MILLION RUPEES YEAR AGO

* MARCH QUARTER REVENUE FROM OPERATIONS 3.33 BILLION RUPEES VERSUS 3.45 BILLION RUPEES YEAR AGO

* BELIEVES THAT IT HAS SUFFICIENT FUNDS TO OPERATE FOR NEXT 12 MONTHS.

* STORE CLOSURES DUE TO LOCKDOWNS ADVERSELY AFFECTED BUSINESS OPERATIONS, LED TO SIGNIFICANT DECLINE IN REVENUES

* LOCKDOWN IMPACTED GROSS MARGINS, EBITDA DISPROPORTIONATELY AS MAJORITY BUSINESS EXPENSES ARE FIXED COSTS

* SEEING ROUGHLY 40% OF NORMAL FOOTFALLS IN OPENED STORES FOR RELATIVE OPERATIONAL HOURS

* DO NOT PERCEIVE ANY ADVERSE IMPACT TO SUSTAIN OPERATIONS AS OF NOW DUE TO COVID

* PROFITABILITY SITUATION MAY REMAIN CHALLENGING TILL SITUATION NORMALISES

* CO DID NOT HAVE ANY DEBT OBLIGATIONS AS OF MARCH 31, 2020

* OPTIMISTIC OF PARTIAL RECOVERY AFTER Q1 FY21

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