V-Mart Retail on Monday reported a 41.36 per cent increase in net profit to Rs 28.23 crore for the third quarter that ended December 2023, helped by the festive season. It had reported a net profit of Rs 19.97 crore in the October-December period a year ago, according to a regulatory filing.
Its revenue from operations was up 14.43 per cent to Rs 889.05 crore during the quarter under review. It was at Rs 776.88 crore in the corresponding quarter.
“Good festive demand in the quarter helped increase footfalls by 23 per cent reflecting an improved consumer sentiment. Winter season was delayed and remained muted during the quarter. Working capital improved with a decrease in inventory by 12 per cent from last quarter,” said an earning statement from the company.
V Mart‘s total expenses rose 15.18 per cent to Rs 865.20 crore, up 15.18 per cent in the December quarter of FY24.
Its revenue from retail trade was at Rs 872.04 and Rs 17.01 crore from digital marketplace Limeroad.
Total Income in the December quarter was up 16 per cent to Rs 902.08 crore.
V-Mart Retail was operating 454 stores spread across 291 cities for the quarter ended December 31, 2023
” The Company opened 20 new stores and closed 3 stores during the quarter taking the total number of stores pan-India to 454,” it said.
