V-Mart reports double digit profit and revenue increases in FY24 Q3

Value fashion and lifestyle retailer V-Mart saw both its profits and revenue increase in double digits during the third quarter of the 2024 financial year thanks to increased footfalls in its stores and a positive consumer sentiment during the festive season. 

“Good festive demand in the quarter helped increase footfalls by 23% reflecting an improved consumer sentiment,” read the business’ earnings statement, accessed by the Press Trust of India. “Winter season was delayed and remained muted during the quarter. Working capital improved with a decrease in inventory by 12% from last quarter.”
 
The business’ revenue from operations increased by 14.43% year-on-year during the third quarter of the 2024 fiscal to total Rs 889.05 crore compared to Rs 776.88 crore in the third quarter of the 2023 financial year. V-Mart’s net profit was up by 41.36% year-on-year to reach Rs 28.23 crore in the December quarter compared to Rs 19.97 crore a year prior. 

V-Mart’s expenses rose during the third quarter by 15.18% year-on-year to total Rs 865.2 crore due to continued expansion. The business opened 20 new brick-and-mortar stores during the quarter and also closed down three. By the end of the December quarter, V-Mart totalled 454 stores across India, India Retailing reported.