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Value fashion and lifestyle products retailer V-Mart Retail Ltd on Friday reported narrowing of its standalone net loss to Rs 8.43 crore in the quarter ended March 2020.

The company had posted a net loss of Rs 90.42 crore in the January-March quarter of last fiscal, V-Mart said in a regulatory filing.

Its revenue from operations was down 3.44 percent at Rs 332.66 crore during the period under review as against Rs 344.53 crore in the corresponding period of the previous fiscal.

“The store closures resulting from back-to-back lockdowns have adversely affected our business operations and led to significant decline in revenues, which was otherwise growing at 29 percent over last year till mid-March. This impacted gross margins and EBITDA disproportionately, as large part of our business expenses are fixed costs,” said V-Mart Retail in a post-earning statement.

Its total expenses were at Rs 343.89 crore in the last quarter of 2019-20 as against Rs 334.33 crore in the year-ago quarter.

“During FY20, V-Mart maintained its stable performance, and in particular Q4, propelled by the late onset of winters saw revenue growth of 29 percent, LTL growth of 8 percent and EBITDA growth of 60 percent until March 15, when the COVID-19 pandemic heightened, resulting into store closures and business disruption,” the company said.

For the fiscal year 2019-20, V-Mart’s net profit was down 19.92 percent to Rs 49.34 crore compared to Rs 61.62 crore in the previous year.

Its revenue from operations rose by 15.92 percent to Rs 1,662.02 crore in 2019-20 compared to Rs 1,433.74 crore in 2018-19.

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Its revenue from operations during the period under review declined 49 percent on a year-on-year basis to Rs 367.87 crore.

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The flagship Khadi India outlet here has crossed single-day sales figure of Rs 1 crore four times since October 2 this year, the government said on Monday.

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The pandemic has disrupted every aspect of our lives including businesses, but there has been a silver lining. Indians are now consciously reaching out for products to minimize impact on the already tipping ecological balance while promoting self-reliance. This is a huge positive sign for the brands and coming times. So far, we have looked upon more evolved markets when it comes to sustainability. Brands and retailers from Europe and North America have been a key inspiration behind incorporating eco-friendly product lines in India. Global brands retailing in India have further contributed to this trend becoming more and more mainstream. However, greater changes have been happening in the background. More and more Indian brands and labels are taking significant leads in offering eco-friendly product lines.

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“A number of homegrown brands are investing into sustainable collections and several international fashion houses are launching ‘green’ collections as part of their product offerings,” explains Charath Narsimhan, Managing Director, Indian Terrain Fashions Limited.

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When deliveries started for nonessential products, the brand slowly ramped up their marketing and communication efforts as well. In the initial days, Caratlane did face inventory related challenges when most stores, that also acted as fulfillment centers, shut because of the lockdown.

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