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Systematix Report
Shares of V-Mart Retail Ltd. may remain in focus after domestic brokerage Systematix reiterated its Buy rating on the value-fashion retailer and raised its target price to Rs 902 from Rs 882, implying an upside potential of about 26% from the current market price of Rs 715
The brokerage said V-Mart's operational performance in the June quarter was broadly in line with expectations, with growth driven by healthy store additions, improving productivity and strong traction across both the V-Mart and Unlimited formats.
Store additions:
During the quarter the company opened 15 new stores and closed 1 store. Total number of stores now stands at 591 (V-Mart – 490, Unlimited – 101). Tier wise store count – Tier 1 : 135 stores, Tier 2 : 80 stores, Tier 3 : 308 stores, Tier 4 : 68 stores.
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