V-Mart Retail Q3 net profit rises 19 percent to Rs 57 crore

By

Maverick Martins

Published
Feb 11, 2022

​​Value fashion retailer V-Mart Retail Ltd witnessed a 19 percent rise in its net profit to Rs 57 crore ($7.6 million) for the third quarter ended December 2021, as against Rs 48 crore it reported in the year-ago period.
 

The company’s revenue for the quarter rose by 47 percent to Rs 692 crore, as against Rs 470 crore it posted in the corresponding period of the previous fiscal year.
 
Commenting on the Q3 results, Lalit Agarwal, managing director of V-Mart Retail in a statement said, “Consumer trust in V-Mart has seen an all-time high growth with significant increases in their average bill sizes and repeat rates, this overall increasing the annual customer value. Attractive marketing schemes and campaigns coupled with vibrant new season merchandise increased the customer footfalls and conversions.

“As the nation unshackles itself from all Covid-related restrictions gradually, the company is confident of a rapid full recovery; continued store launches, inclusion of more and more growth from private labels, and a deeper focus on revitalizing its omnichannel strategies, in the upcoming financial year,” he added.
 
During the quarter, V-Mart opened nine new stores to take its overall store count to 374.