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4QFY25 pre-quarter update

Revenue up 17% YoY (broadly in line)

* V-Mart’s 4Q revenue grew 17% YoY to INR8b (~2% lower than our last published estimate), driven by 8% blended SSSG (vs. 15%/10% YoY in 2Q/3Q) and ~12% YoY store addition.

* SSSG for V-Mart (core) stood at 7% (vs. 10% in 3Q), while SSSG for Unlimited came in at 10% (vs. 11% in 3Q).

* We believe that less severe winters in North India could be a reason for the moderation in SSSG for V-Mart (core).

* The company opened 13 new stores during the quarter (our estimate 12 VMart and 1 Unlimited stores) and closed 4 stores, bringing the total count to 497 stores (53 net store additions in FY25).

* Breakup of stores: V-Mart likely closed the quarter with 413 stores and Unlimited with 84 stores.

* Segment-wise revenue:

* Limeroad (LR) revenue declined 47% YoY to INR80m. Excluding LR, V-Mart’s 4Q revenue (including Unlimited stores) was up ~18% YoY.

* V-Mart (core) revenue likely grew ~19% YoY to ~INR6.6b, with annualized throughput of ~INR7,600/sqft. SSSG moderated further to 7% (vs 10%/16% in 2Q/3Q).

* Unlimited revenue likely stood at ~INR1.2b, growth of ~11% YoY, with annualized throughput of ~INR5,850/sqft. SSSG stood at 10%.

FY25 performance: Revenue up 17% YoY

* V-Mart’s FY25 revenue grew 17% YoY to INR33b (in line), driven by 11% blended SSSG and ~12% YoY store additions.

* LR revenue declined 42% YoY to INR410m.

* Excluding LR, V-Mart’s FY25 revenue (including Unlimited stores) was up ~18% YoY.

* V-Mart opened 62 stores and closed 9 stores during FY25, bringing the total store count to 497.

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