V-Mart Retail Q4 net loss widens to Rs 39 crore

The diversified retail company's net loss widened to Rs 38.92 crore in Q4 FY24 from net loss of Rs 36.96 crore posted in Q4 FY23.

Revenue from operations climbed 12.58% year on year (YoY) to Rs 668.6 crore in the quarter ended 31 March 2024.

The firm reported a pre-tax loss of Rs 51.99 crore in fourth quarter of FY24, as compared with pre-tax loss of Rs 51.58 crore in same quarter last year.

EBITDA soared 76% to Rs 40.2 crore in Q4 FY24 as compared with Rs 22.9 crore reported in Q4 FY23. EBITDA margin improved to 6% in Q4 FY24 as against 3.9% recorded in Q4 FY23.

During the quarter, total expenses increased 11.02% YoY to Rs 725.02 crore. Employee benefits expense was Rs 67.02 crore (down 1.47% YoY) while finance costs stood at Rs 35.91 crore (up 6.81% YoY) during the period under review.

For FY24, the companys net loss stood at Rs 96.76 crore as compared to net loss of Rs 7.85 crore posted in FY23. Revenue from operations climbed 13.01% YoY to Rs 2,785.6 crore in financial year ended 31 March 2024.

The company opened 9 new stores and closed 19 stores, during the quarter, taking the total store count to 444 as on 31 March 2024.

During the quarter, the same store sales growth (SSSG) grew by 6% for the quarter, with better festive and wedding season led footfall growth.

V-Mart is an omni retail store chain for the complete family, offering fashion apparel, footwear, home furnishings, general merchandise and kirana.

The scrip rose 0.02% to currently trade at Rs 2,173.05 on the BSE.

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