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Is "Quantile" same as "Value at Risk" (VaR)? otherwise how are they related?

this is exactly the same !!!

C'mon. What do you mean by VaR? A VaR metric or a VaR measure?! A VaR is a risk measure, be it good or bad (see Delbaen). But a quantile is not a risk measure in it's definition. Markowitz in his 1952 paper used for instance the one period standard deviation as a VaR metric. But in order not to confuse things, calculations are the same as for quantiles, but the meaning is somehow different.

AndreaClaudia, Could you be little clear. I meant VaR as a risk measure.If quantile is different from VaR, do they relate each other?If so what is the relation?

Value-at-Risk is an approach to measuring risk. The basic idea is to look at the probability distribution of profit and loss over a fixed horizon.The most popular metric for expressing VaR is a quantile of that distribution.The first idea has become so popular that lots of people have forgotten there are alternatives. To these people there's no need to use the term "VaR" for it, it's just "risk." Instead, they use "VaR" to mean the second idea, summarizing a distribution by a quantile.The answer to your question is "VaR" shouldn't mean quantile, but it is often used that way.