V-Mart Retail has announced its unaudited financial results for the quarter ended December 31, 2013, reporting a growth in profit after tax (PAT) of 37 percent year-on-year. In the quarter, the company’s sales grew by 63 percent and EBIDTA grew by 41 percent year-on-year.
Commenting on the results, Lalit Agarwal, Chairman and Managing Director, V-Mart Retail, said: “We have a strong conviction that there is high aspiration in the markets which we service and it is confirmed by the 12 percent same store sales growth (for the fashion segment) recorded by the company. Despite of low enthusiasm recorded on festival days, the response from the customers has been fairly good which shows a better team effort from all the departments of the company.”
He further added that the company will focus largely on reducing the inventory and increasing the sales through promotional offers on certain days.
Incorporated in 2002, V-Mart is a medium-sized hypermarket format retail chain based in New Delhi. It offers apparel, general merchandise, and FMCG products with an average store size of approximately 8,000 sq.ft. The value format retail chain added eight stores in Q3 FY14.