V-Mart Retail Ltd net profit up 11 percent to Rs 25 crore

By

Maverick Martins

Published
Jul 24, 2018

V-Mart Retail Ltd has continued its growth story witnessing 11 percent surge in net profit to Rs 25 crore (approx $3.6 million) for the first quarter ended June 30, 2018 as compared to Rs 22 crore it had posted a year ago.
 

The company’s net sales for the quarter also jumped 15 percent to Rs 362 crore as compared to Rs 316 crore during the three months period ended June 30, 2017.
 
V-Mart attributed the rise in profit and revenue to the cumulative effects of marketing efforts and new product range. The company stated that the appointment of Bollywood celebrities Ayushmann Khurrana and Bhumi Pednekar as brand ambassadors helped boost growth.

During the quarter, V-Mart opened eight new stores out of which two were in Uttar Pradesh, two in Bihar, two in Uttarakhand, one in West Bengal and one in Jammu & Kashmir.
 
Commenting on the results, Lalit Agarwal, CMD, V-Mart Retail Ltd in a statement said, “We know that if we have a right location and right merchandise, we will have customers at our store in any part of the country. Customers tastes are evolving and we bring in international fashion and cutting edge technology with the support of our partners. Our focus on aligning fashion and customer aspiration has helped us in increasing footfall into our stores.”
 
V-Mart ended the quarter with 179 stores in 149 cities with a total retail area of more than 15 lakh square feet.