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Revenue/EBITDA up ~23%/43% YoY on healthy double-digit SSSG

* Consolidated revenue at INR25.5b grew 23% YoY, driven by ~13.7% SSSG (improvement vs. 10.5% in 3Q).

* Growth was aided by the preponement of Eid and Ugadi festivals.

* VMM added 28 net new stores in 4Q, taking the total store count to 696 stores across 458 cities (26 cities added in 4Q) with total retail areas of ~12.2m sqft.

* Gross profit at INR7.2b grew ~32% YoY as gross margin expanded ~180bp YoY to 28.3%, likely driven by a higher share of apparel (41% in 4QFY25 vs. 40% YoY).

* Employee and other expenses increased 33% and 15% YoY, respectively.

* Reported EBITDA at INR3.6b was up ~43% YoY as the reported EBITDA margin expanded ~190bp YoY to 14%.

* Pre-IND-AS-116 EBITDA (pre-ESOP charges) rose ~74% YoY to INR2.1b, with EBITDA margin at 8.2% (up ~240bp YoY).

* Adjusted PAT (pre-ESOP charges) came in at INR1.3b (up 2.1x YoY) with margin expanding 210bp YoY to 5%.

* Reported PAT at INR1.15b was up sharply by ~88% YoY, driven by higher EBITDA and other income.

FY25 results: Healthy 20% revenue growth

* Consolidated revenue at INR107b grew 20% YoY, driven by ~12.3% SSSG and ~11% store area additions.

* VMM added 85 net new stores (90 on a gross basis) in FY25

* Gross profit at INR30.5b grew ~24% YoY as gross margin expanded ~60bp YoY to 28.3%.

* The share of apparel in VMM’s mix remained stable at 44% in FY25, while General Merchandise and FMCG stood at 28% each (broadly unchanged YoY).

* Revenue contribution from own brands increased ~130bp YoY to ~73%.

* Reported EBITDA at INR15.3b was up ~23% YoY as reported EBITDA margin expanded ~25bp YoY to 14.3%.

* Pre-INDAS 116 EBITDA (pre-ESOP charges) grew ~39% YoY to INR10.3b, with EBITDA margin at 9.6%, up ~120bp YoY.

* Adjusted PAT (pre-ESOP charges) came in at INR6.8b (up ~46% YoY) with margins expanding ~110bp YoY to 6.3%.

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