Categories Earnings, Retail

V Mart Q3FY23 net profit dropped by 65 percent

The company’s revenue for the quarter rose by 12 percent to INR 777 crore, as against INR 692 crore reported in the corresponding period of the previous fiscal year. During the quarter, total expenses jumped by 21 percent year-on-year to INR 751 crore.

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.

“The Unlimited stores in South, which were acquired last year, completed 1 year of continued profitable operations and is growing steadily with 7 store additions this year. The newly acquired business is in a stabilization phase and both these acquisitions remain the future growth drivers for the company,” V-Mart said in a statement. V-Mart is an omni retail store chain offering fashion apparel, footwear, home furnishings, general merchandise, and kirana.

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