V-Mart Retail soars 15% on Q3 results; Motilal Oswal shares ‘buy’ call

The management said that a good festival demand in the December quarter helped increase footfalls by 23 percent

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Shares of V-Mart Retail soared over 15 percent to Rs 2,410 on February 7, a day after the fashion company reported a 41 percent on-year rise in profit for the the December quarter of the financial year 2023-24.

The stock hit a 52-week high of Rs 2,681 on February 2. It has surged over 35 percent in the past three months against an 11 percent rise in the benchmark Sensex.

The company’s revenue rose 14 percent YoY to Rs 889 crore, while earnings before interest, tax, depreciation, and amortisation (EBITDA) were by 15 percent from last year.

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“Good festive demand in the quarter helped increase footfalls by 23 percent, 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 percent from last quarter,” the management said in an exchange filing.

The fashion retailer’s expenses ticked up by 15.4 percent YoY to Rs 865 crore.  The company opened 20 new stores and closed three stores during the quarter, taking the total number of operational stores to 454 in India.

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Analysts at Motilal Oswal shared a “buy” rating on V-Mart retail after the Q3 results but did not disclose a target price. Earlier, analysts had set target price of Rs 1,800.

V-Mart is an omni retail store chain, offering fashion apparel, footwear, home furnishings, general merchandise and kirana. The company primarily focuses on Tier-2 and 3 cities with an average store size of 8,000 square feet.

In the December quarter, foreign institutional investors  (FIIs) upped their stake in V-Mart to 14.32 percent from 14.28 percent in the previous quarter. Domestic institutional investors (DIIs), too, raised their holding to 34 percent from 32.6 percent.

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