V-Mart Retail Q3 Results Review - Optimises Costs, Improves Metrics: Motilal Oswal

Motilal Oswal Report

V-Mart Retail Ltd.'s Ebitda/profit after tax grew 15.4%/41.3% YoY (beat) led by revenue growth of 14.4%, mainly supported by store additions and a recovery in same-store sales growth of 4%/5%/1% for Blended/V-Mart/Unlimited and narrowing losses in the Limeroad segment.

Strong cost control through cutting down losses in Limeroad and the closure of non-performing stores, along with improved SSSG, as indicated in our recent report, seemed to have played out in the company’s favor.

We expect a compound annual growth of 13%/14% in revenue/Ebitda over FY23-25. A demand recovery in the value fashion category could be a key growth driver for V-Mart Retail.

We maintain our 'Neutral' rating with a target price of Rs 2,100.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.