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Dolat Capital Report
V-Mart Retail Ltd.'s Q4 FY22 revenue was in-line but weak led by Omicron. Revenues (excluding Unlimited) were up 12% versus Q4 FY19. These is against average retail area growth of ~45%.
Net store additions in Q3 FY22 were muted at three on account of higher store closures at 11. Ebitda/adjusted profit after tax were better than estimates due to higher gross margin.
Management remains optimistic on the growth led by demand recovery as the worst of Covid-19 impact is behind, new launches including private labels, deeper focus on omni-channel and store expansions.
Management retains its guidance of ~60 store additions in FY23 which imbibes confidence of the recovery. That said, steep inflation is severely impacting the spends of lower-income households, the key consumer segment of V-Mart.
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