BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.ICICI Securities ReportWe have cut our FY24-25E Ebitda estimates of V-Mart Retail Ltd. by ~4% due to slower than expected pick-up in rural demand, End-of-season-sale stress, and investments required (long gestation turnaround) in LimeRoad. We model revenue / Ebitda compound annual growth rate of 17 / 27 over FY23-25E. We maintain 'Add' rating on the stock with a revised discounted cash flow-based target price of Rs 2,200 (earlier Rs 2,550). Key downside risks: Raw material costs turning inflationary, increase in competitive intensity from online/offline players.We met the management of V-Mart. Takeaways:Business recovery in rural continues to be soft, V-Mart is on a strong footing to capture the potential revival in consumption during H2 FY24; it expects retail expansion to be healthy at 15% in FY24 and same-store sales growth to be higher than 4-5% during H2 FY24,Unlimited's business is on track to drive improvement in profitability of the existing 20% stores that are Ebitda negative (pre-IND Accounting Standard), with new stores' performance being equivalent to V-Mart,LimeRoad is aiming to breakeven by the end of FY25 with thrust on expanding V-Mart's total addressable market beyond value retail segment. Overall, while V-Mart continues to deliver on revenue (14% CAGR during FY19-23), delivery on profitability (trailing twelve months net loss at Rs 500 million) would be a key monitorable.Click on the attachment to read the full report:Can Bata Fix Its Volume Problem? HDFC Securities' AnalysisDISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.Users have no license to copy, modify, or distribute the content without permission of the Original Owner.