Indian fashion and lifestyle retailer V-Mart has announced financial results for the first quarter of 2017. Extended wedding season and the early arrival of Eid festivities together helped the multi-brand retailer to fetch a whopping profit.
During the quarter under review, the multi-brand retailer noted a net profit of Rs. 22.35 crore against Rs. 9.37 crore in the same quarter last year.
The company noted a 38.35 per cent surge in its total income to Rs. 3,162.3 crore as against Rs. 2,285.6 crore in the same period of previous year. Operational revenue for the quarter increased by 39 per cent to Rs. 315 crore from Rs. 227 crore in the same quarter of prior fiscal.
Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA) for the quarter grew by 106.7 per cent on a year-on-year (y-o-y) basis to Rs. 37.1 crore for V-Mart with a corresponding margin expansion of 387 basis points (bps). EBITDA margin for the quarter stood at 11.8 per cent.
V-Mart looks forward to growing consistently despite the speculations that the upcoming quarter will be a weak one for the Indian economy, reportedly remarked Lalit Agarwal, Retail CMD, V-Mart.
Currently operating 140 stores in 120 Tier II and III cities of India, V-Mart has a 1,000-strong vendor base across the country. The company further intends to increase its presence in the market by adding more stores in the future.