V-Mart reports profit of over Rs 41 crore on a turnover of Rs 466 crore

Last Updated: Wed, Feb 06, 2019 14:05 hrs
V Mart Retail

V-Mart Retail's revenue from operations totalled Rs 466 crore during October to December 2018 and with a net profit of Rs 41.7 crore.

Festive season shopping during Durga Puja, Diwali and Chhath in the value fashion retailer's main geographic markets was the primary growth driver. The launch of stores in Assam and Meghalaya further added to the growth momentum.

The revenue in the quarter ending December 2017 was Rs 368 crore while net profit was Rs 36.7 crore, it informed stock exchanges on Wednesday.

The company registered overall and like-to-like growth through revamped product assortment, supply chain, robust marketing and sales strategies. It has invested in ramping up its warehousing capacity and strengthening the talent pool at all levels.

Riding on the back of healthy numbers, V-Mart continues to strengthen its performance for the current fiscal year. In the nine-month period ending December 2018, revenue stands at Rs 1,089 crore and profit after tax at Rs 62.5 crore.

"There has been a great execution of fresh product ideas and customer connect which was amplified by strong festive demand in all our markets," said Chairman and Managing Director Lalit Agarwal.

"V-Mart is well-prepared and well-positioned to tap into this opportunity in all its key markets, delivering its value fashion promise with a wider and deeper assortment that resonated with the fashion aspirations of our customers."

While the company took 12 years to open its first 100 stores, the journey to the next 100 has taken less than three years.