Home Progressive Grocer V-Mart reports PAT boost by 70 pc in Q3FY15, announces new board...

V-Mart reports PAT boost by 70 pc in Q3FY15, announces new board appointments

By  
SHARE

has reported a growth in profit after tax (PAT) of 70 per cent YOY, for the quarter ended Dec 31st, 2014. In the quarter, the company’s sales grew by 23 per cent and EBIDTA grew by 35 per cent YOY. Sales for the Q3 FY15 was Rs 240.02 crores and PAT was Rs 24.01 crores.

Referring to the Q3 FY15 performance, , Chairman & Managing Director, V-Mart Retail Ltd, said, “This quarter has been satisfactory with the outcomes of some initiatives being along expected lines. We had planned our purchases early in the year for the festive & winter season and locked procurements at competitive prices which we passed on the benefit to customers while realising good margins for the company.”

“During this quarter the main focus was on cost efficiency while ensuring sales growth and I am happy to say that we achieved the same,” he added.

V-Mart is currently fine tuning its assortment mix within the existing lines of business, particularly in apparel, to be more in line with current trends. “We have also concluded the consolidation of the warehouse operations at one location and the focus in the coming quarters would be stabilisation and optimisation of the operations so that the envisioned benefits can accrue to the company,” Agarwal added.

In another significant announcement, Agarwal mentioned that V-Mart Retail is proceeding on strengthening its management board by appointing members with domain expertise. “We have appointed Murali Ramachandran and Sonal Matoo as Independent Directors on the Board who bring with them diverse experience which will add value to the capability building initiatives being undertaken by the company particularly related to performance improvement and human resource development,” he informed.

Adding that the company promoters are working to distance themselves from the day to day operations of the company, Agarwal disclosed that  would be stepping down from an executive role from the Board and will continue to offer his expertise and guidance in a Non-Executive role.

VMRL has established stores in metros, tier I, II and III cities which are primarily located as standalone stores in high-street areas and shopping hubs of such cities.