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Motilal Oswal Report
V-Mart Retail Ltd.'s Ebitda jumped 75% YoY (beat) fueled by 13% YoY revenue growth (inline), mainly supported by store additions and a 5%/5%/ 13% same-store sales growth for blended/V-Mart/Unlimited stores.
This, along with the controlled costs of retailing, supported earnings for Q4 FY24.
Strong cost-control measures in the form of rationalizing losses within the online segment, the closure of non-performing stores, and improved SSSG (as indicated in our recent report) appeared to have played out in V-Mart's favor.
We estimate its revenue/Ebitda compound annual growth rate at 13%/38% over FY24-26.
A demand recovery within the value fashion category could be a key driver of growth. Reiterate Neutral with a target price of Rs 2,200.
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