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Motilal Oswal Report
V-Mart Retail Ltd.'s revenue was up 6% YoY (8% beat), driven by pent-up demand for shopping.
The Ebitda beat was much stronger (99% beat), led by improving gross margins and cost measures.
We revise down our FY22 revenue/Ebitda estimates by 31%/33% due to the impact of the second wave, but maintain FY23 revenue/Ebitda estimates given the expectation of swift recovery.
The company's strong cost leadership, lean balance sheet, and secular growth opportunity should keep it in good stead.
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