V-Mart Retail slides as Q3 PAT tumbles 65% YoY

V-Mart Retail declined 2.40% to Rs 2,632 after the company's net profit slumped 65% to Rs 19.97 crore in Q3 FY23 as against Rs 57.11 crore posted in Q3 FY22.

Revenue from operations rose 12.3% year on year (YoY) to Rs 776.88 crore in the quarter ended 31 December 2022.

Profit before tax stood at Rs 26.41 crore in Q3 FY23, falling 65.4% on YoY basis.

EBITDA de-grew 23% year on year to Rs 104 crore in Q3 FY23 as compared with Rs 135 crore reported in Q3 FY22.

During the quarter, total expenses jumped 21.5% YoY to Rs 751.17 crore. Employee benefits expense was Rs 76.28 crore (up 42.58% YoY) while finance costs stood at Rs 30.69 crore (up 45.04% YoY) during the period under review.

 

The company opened 15 new stores including 1 store in the South, and closed 6 stores, during the quarter, taking the total store count to 414 as on 31 December 2022.

During the quarter, the same store sales growth (SSSG) slipped to 1% in Q3 FY23 as against 10% in Q3 FY22.

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

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