V-Mart Q4 Review - Visible Green Shoots Before Second Covid-19 Wave; Expect Swift Recovery: Motilal Oswal

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Motilal Oswal Report

V-Mart Retail Ltd.’s revenue was up 6% YoY (8% beat), driven by pent-up demand for shopping.

The Ebitda beat was much stronger (99% beat), led by improving gross margins and cost measures.

We revise down our FY22 revenue/Ebitda estimates by 31%/33% due to the impact of the second wave, but maintain FY23 revenue/Ebitda estimates given the expectation of swift recovery.

The company’s strong cost leadership, lean balance sheet, and secular growth opportunity should keep it in good stead.

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