V-Mart - Healthy Business Recovery In Q3: Dolat Capital 

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Dolat Capital Report

V-Mart Retail Ltd.’s Q3 performance was marginally below our estimates. But, it registered a strong business uptick QoQ led by early on-set of winter in its core Uttar Pradesh/Bihar market (66% of revenue), festive season, pent-up demand and wedding buying partly off-set by partial lockdowns, night curfews and weak sales in December.

Same-store sales declined by 19% YoY versus down 84/down 50% in Q1/Q2. Store additions were healthy at 10.

The company is well-poised to capture the significant growth potential in value fashion retailing with aggressive store openings.

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