Neutral V-Mart Retail Ltd For Target Rs.2,800 By Motilal Oswal Financial Services
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1QFY25 pre-quarter update
Revenue up 16% YoY (in line) led by 11% SSSG; recovery continues in both the segments
* Consolidated revenue grew 16% YoY to INR7.9b (in line), led by 11% SSSG and 4% YoY footprint addition.
* SSSG for V-Mart (core) and Unlimited has improved for the third straight quarter and stood at 12% and 8%, respectively, in 1QFY25.
* Limeroad revenue declined 29% YoY to INR120m. This is positive, as it could curtail the consol. EBITDA loss. Adjusted for this, VMART revenue (including Unlimited stores) grew 16% YoY.
* Unlimited revenue, with throughput of ~INR1,600/sqft (+8% SSSG), stood at ~INR1.2b (calculated), up ~5% YoY.
* V-Mart (core) revenue stood at ~INR6.5b (calculated), up ~20% YoY, with throughput of ~INR2,000/sqft.
* The company opened seven new stores (five V-Mart stores and two Unlimited stores) and closed three stores during the quarter, taking the total store count to 448 stores (V-Mart: 370 | Unlimited: 78).
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SEBI Registration number is INH000000412
