V-Mart Retail Q2 Review - Confident Of Turning Around Unlimited: ICICI Securities

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ICICI Securities Report

V-Mart Retail Ltd.’s Q2 FY22 revenue recovery at 100% of pre-Covid-19 levels on a comparable basis (excluding the addition of 74 Unlimited stores) with Ebitda (post Indian-AS-116) of Rs 206 million – both were above our / consensus estimates.

Store addition momentum continued with 86 net store additions in the quarter (including 74 Unlimited stores).

V-Mart remains confident of strong revenue recovery on the back of early onset of winters and festive season ahead.

As highlighted in our recent note, margins to surprise as demand bounces back, we believe earnings of apparel brands and retail companies may surprise positively led by faster-than-expected demand recovery and expect consensus to turn more constructive with Q2 FY22 management commentary.

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