Bata, V-Mart Q2 Results Preview - Mass Category Recovery To Cushion An Otherwise Weak Quarter: Nirmal Bang

Nirmal Bang Report

While Q2 FY25 is usually a seasonally weak quarter for the retail industry, we believe that the mass categories, lagging for the past 18-24 months, is finally showing some signs of growth, albeit on a low base.

V-Mart Retail Ltd. has pre-announced that the total revenue for Q2 FY25 was up 20% YoY, which was in line with our expectation and driven by same-store sales growth of 15% YoY.

For Bata India, we expect average selling price expansion to be the key driver of the ~9% YoY revenue growth.

We still believe that a full-fledged recovery in volume for the mass category to pre pandemic levels for the two companies will not be seen in FY25.

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