Shares of V-mart retail today, jumped 16 per cent, after the company reported a net profit of Rs 58.22 crore for the quarter ended December 31. V-mart’s shares were trading at Rs 2,435, up from their previous close of Rs 2,096. The revenue of V-mart retail grew 21 per cent year-on-year. Commenting on its strong growth, V-mart retail said that the third quarter of a fiscal is aided by buoyant consumer sentiment backed by festive season sales.
With the addition of 19 new stores, the company said in a market filing that it closed the quarter at a total of 257 stores and 21 Lakh sq. ft. retail area. V-mart retail has already added 46 new stores in this fiscal year, including entry into two new states in North East – Nagaland and Arunachal Pradesh – and further expanded its presence in Rajasthan and Madhya Pradesh.
Founded in 2002, V-Mart is a family retail store chain, offering fashion apparel, footwear, home furnishings, general merchandise and Kirana. Primarily focusing on Tier II and Ill cities, V-Mart has 260 stores with an average store size of approximately 8,000 sq ft. “We are committed to and focused on our long-term strategy for delivering value fashion to aspiring India while being resilient and agile in adapting business execution to the changing environment,” said Lalit Agarwal, CMD, V-mart Retail.
In a press release, the V-mart said, “The strong EBITDA was a result of several efficiency enhancement initiatives undertaken by the company, with a sharp focus on protecting margins in a constrained operating environment. PAT for the quarter grew at 40% y-o-y, despite an adverse Rs.6 Cr impact due to lndAS-116 adjustment for the quarter.”
Domestic benchmark indices opened to extend gains made during the week as S&P BSE Sensex gained more than 100 points in the opening reach 41,332 points while the broader NSE Nifty 50 was up 54 points or 0.45 per cent to sit comfortably above the 12,100 mark.