V-Mart Retail Ltd, a value retail chain, reported a 41.36% surge in net profit to INR 28.23 crore for the third quarter ending in December 2023, aided by the festive season, according to a regulatory filing. This represents a significant increase from the INR 19.97 crore net profit reported in the same period of the previous year, spanning October to December.
During the quarter under review, its revenue from operations increased by 14.43% to INR 889.05 crore, compared to INR 776.88 crore in the corresponding quarter.
“Good festive demand in the quarter helped increase footfalls by 23 per cent reflecting an improved consumer sentiment. Winter season was delayed and remained muted during the quarter. Working capital improved with a decrease in inventory by 12 per cent from last quarter,” said an earning statement from the company.
In the December quarter of FY24, V Mart’s total expenses rose by 15.18% to INR 865.20 crore.
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Its revenue from retail trade amounted to INR 872.04 crore, with an additional INR 17.01 crore generated from the digital marketplace Limeroad.
The total income for the December quarter saw a 16 percent increase, reaching INR 902.08 crore.
For the quarter ending on December 31, 2023, V-Mart Retail operated 454 stores spanning 291 cities.
“The Company opened 20 new stores and closed 3 stores during the quarter taking the total number of stores pan-India to 454,” it said.
Shares of V-Mart Retail Ltd settled at INR 2,092.90 apiece on Tuesday, reflecting a 0.15 percent increase from the previous close.
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