Brief: India's V-Mart Retail March Qtr Loss Widens

V-Mart Retail

29/05/2020 15:03

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

Source text for Eikon:  ID: 
Further company coverage:  VMAR.NS 

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