V-Mart announces increase in revenue by 23 pct, EBITDA up by 62 pct

| Updated: Feb 07, 2017 20:08 IST

New Delhi [India], Feb 7 (ANI): V-Mart Retail Ltd. on Tuesday announced its unaudited financial results for the quarter ended on 31st Dec 2016, which were approved by the company's Board of Directors in a meeting held on 30th Jan 2017. The company in its third quarter FY'17, recorded an increase in revenue by 23.4 percent to Rs. 326.90 crore is noted along with impressive growth in EBITDA by 61.5 percent to Rs. 48.30 crore and PAT by 81.2 percent to Rs. 27.21 crore QoQ. During nine months period ending Dec 2016, the company reported an increase in revenue by 18.80 percent to 749.91 crore, EBITDA by 21.90 percent to Rs. 69.25 crore and PAT by 27.20 percent to Rs. 34.53 crore YoY. "Unavailability of hard cash in two consecutive months due to demonetisation seriously affected the retail sector in quarter three, but despite this temporary slow-down we did well in almost every department. SMART ATM drive at our stores during demonization 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," said CMD V-Mart, Lalit Agarwal. "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. Also, during this quarter, V-Mart was awarded with 'Excellence in retail and Customer Service' by images North India Retail Awards," added Agarwal. He also said that V-Mart is strongly focusing on adding values in customer experience with the introduction of many new services that are aimed to enhance customer shopping experience. In spring-summer 2017, V-Mart's focus would be on better assortments and combos at more affordable prices for better customer satisfaction. In addition, keeping the inventories at optimum level will be another focal area of the management. However, the company is also keen to offer a palette of colors in apparel section. During the upcoming wedding and summer seasons, its customers will find a bevy of private labels with large numbers of SKUs. Special emphasis is given on wedding collection which comprises of men's suits and sherwanis to ladies ethnic wear. (ANI)
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