Driven by the festive season, V-Mart Retail reported a 41.36 per cent rise in net profit during Q3 2023 performance. The company’s net profit surged to Rs 28.23 crore compared to the same period last year. Its revenue from operations also increased by 14.43 per cent to Rs 889.05 crore.
The company attributed this positive performance to a 23 per cent surge in customer footfall during the festive season. However, a delay in the launch winter collection muted demand, impacting sales in that category.
Despite the muted winter season, V-Mart managed to reduce inventory by 12 per cent compared to the previous quarter. The company’s overall expenses for the quarter increased by 15.18 per cent to Rs 865.20 crore. Its revenue from retail trade stood at Rs 872.04 crore, while revenue from the Limeroad digital marketplace totaled Rs 17.01 crore. The company’s total income during the third quarter ended December 2023 surged by 16 per cent to Rs 902.08 crore.
V-Mart Retail also added 20 new stores during the quarter while closing 3, bringing its total store network to 454.
