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Nirmal Bang Report
V-Mart Retail Ltd. pre-announced Q1 FY25 quarterly revenue on Monday post market hours.
Total revenue for the quarter at Rs 7.86 billion (up 16% YoY) was broadly in line with what we had estimated at the end of Q4 FY24 (Result Update). The retail business (ex-Limeroad) delivered revenue of Rs 7.74 billion.
The 17% YoY retail revenue growth was led by store expansion growth of 6% YoY and same store sales growth of +11% YoY (V-Mart at +12% YoY and Unlimited at +8% YoY).
Four stores (net) were opened during Q1 FY25 to take the total store count to 448 (up 3.9% YoY). Five V-Mart stores and two ‘Unlimited' stores were opened while three stores were shut during the quarter.
All three stores that were closed were located in South India (two in Karnataka and one in Telangana).
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