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Dolat Capital Report
V-Mart Retail Ltd.'s performance was below estimates owing to the Covid-19 second wave. Costs control was appreciable.
Store additions during the quarter were muted at three.
Management remains cautiously optimistic on the recovery. That said, management has maintained guidance of 40-50 store additions in FY22 which imbibes confidence of the recovery.
The company's recent acquisition of 74 stores of Unlimited at an attractive price versus its own valuations.
Unlimited with presence in South complements the company's footprint in North and East with economies of scale and go-to-market advantage.
Timing is appropriate as economy comes out of Covid-19.
With V-Mart's superior execution, prudent capital allocation, focused cluster-based expansion approach, we believe the turnaround of ‘Unlimited' is highly plausible with negligible downside.
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