Hypermarket format retail chain, V-Mart Retail Ltd on Tuesday announced its unaudited financial results for the quarter ending December 31, 2016.
The results were approved by the company’s Board of Directors at its meeting held on January 30, 2017, said a company statement.
During the third quarter FY’17, there is an increase in:
- Revenue by 23.4 per cent to Rs 326.90 crore
- EBITDA by 61.5 per cent to Rs 48.30 crore
- PAT by 81.2 per cent to Rs 27.21 crore Q-o-Q
During the nine months period ending December 2016, the company reported an increase in:
- Revenue by 18.80 per cent to Rs 749.91 crore
- EBITDA by 21.90 per cent to Rs 69.25 crore
- PAT by 27.20 per cent to Rs 34.53 crore YoY
Speaking on the growth, CMD, V-Mart Retail Ltd, Lalit Agarwal said, “Despite the temporary slow-down and lower conversion initially witnessed due to the demonetization scheme, we initiated SMART ATM drive at our stores. Wherein we began dispensing the collected cash by swiping cards on our store credit card swipe machines to anyone who needed it – even if the individual did not buy anything. This initiative spread and which led to long queues outside our store across the country. We also interacted with these people and made them wander through our stores which often resulted into buying and also informing the customers about our variety and prices. This approach brought us new customers and generated tremendous goodwill with strong brand recognition.”
“This as well as our better supply chain management also increased the sales during the period at a time when almost all the industries including ours were experiencing a massive downfall in demand,” he added.
During the quarter, V-Mart was awarded ‘Excellence in retail and customer service’ by Images North India Retail Awards.
V-Mart is also planning to launch private labels across all divisions in summer along with aligning and becoming stronger in basic ‘never out of stock’ merchandise.
The company aims to generate more sales due to higher number of wedding dates in the coming quarter which is a big money spending event of consumers in our territory. The company tends to focus more on wedding collection which comprises of men’s suits, sherwanis, ladies ethnic wear.