V-Mart Retail Q3 net profit down 65 percent to Rs 20 crore

By

Maverick Martins

Published
Feb 20, 2023

Value fashion retailer V-Mart Retail Ltd witnessed a 65 percent decline in net profit to Rs 20 crore ($2.4 million) for the third quarter ended December 2022, as against Rs 57 crore in the year-ago period.

The company’s revenue for the quarter rose by 12 percent to Rs 777 crore, as against Rs 692 crore reported in the corresponding period of the previous fiscal year.

During the quarter, total expenses jumped by 21 percent year-on-year to Rs 751 crore.

The company opened 15 new stores including 1 store in the South, and closed 6 stores, during the quarter, taking the total store count to 414 as on 31 December 2022.

“The Unlimited stores in South, which were acquired last year, completed 1 year of continued profitable operations and is growing steadily with 7 store additions this year. The newly acquired Limeroad.com business is in a stabilization phase and both these acquisitions remain the future growth drivers for the company,” V-Mart said in a statement.

V-Mart is an omni retail store chain offering fashion apparel, footwear, home furnishings, general merchandise, and kirana.