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Nirmal Bang Report
Key Points
We hosted the management of V-Mart Retail Ltd. to gain insights into the current business outlook. V-Mart indicated that Q2 is usually a weak quarter seasonally and it does not expect much in Q2 FY24. It has seen some green shoots in footfalls over the last couple of weeks due to some festivals in the Northern and Eastern parts of India.
V-Mart is preparing for the upcoming festival season starting October 10, 2023 as all the festivals are bunched up in Q3 FY24. It is quite confident of a strong performance in Q3 FY24 and expects H2 FY24 to be much stronger than H1 FY24. The confidence is coming from the fact that V-Mart believes there are no negative triggers apart from inflation, which continues to be a concern.
We currently have an 'Accumulate' rating on V-Mart with a target price of Rs 2,299. We have used V-Mart's mean 12-month forward price to book multiple of the last five years -1 standard deviation as the target multiple, which is 5.1 times on the June-2025 book value.
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