V2 Retail Limited - Revenue for Q3 FY24 up by 56% y-o-y at ₹ 373.8 crores

V2 Retail Limited (V2 Retail), one of India's leading and fastest growing Value Retail Company, with presence across 17 states and ~85 cities announced its unaudited Financial Results for the quarter and nine months period ending December 31, 2023.

Performance highlights for Q3 FY24

- Revenue from operations stood at ₹ 373.8 crores, registering a growth of 56% on Y-O-Y basis. Gross Margin stood at 31.4% for Q3 FY24 as compared to 35.9% for Q3 FY23.

- EBIDTA for the quarter stood at ₹ 60.9 crores as compared to ₹ 38.1 crores in Q3 FY23, registering a growth of 60% on Y-O-Y basis. EBIDTA margin stood at 16.3% for Q3 FY24 as compared to 15.9% for Q3 FY23.

- PAT for the quarter stood at ₹ 23.6 crores as compared to ₹ 9.3 crores in Q3 FY23, registering a growth of 153% on Y-O-Y basis.

Performance highlights for 9M FY24

- Revenue from operations for 9M FY24 stood at ₹ 868.7 crores, registering a growth of 35% on Y-O-Y basis. Gross Margin stood at 30.3% for 9M FY24 as compared to 31.7% for 9M FY23.

- EBIDTA for 9M FY24 stood at ₹ 116.4 crores as compared to ₹ 69.8 crores in 9M FY23 registering a growth of 67%. EBIDTA margin stood at 13.4% for 9M FY24 as compared to 10.8% for 9M FY23.

- PAT for 9M FY24 stood at ₹ 24.1 crores as compared to ₹ (5.1) crores in 9M FY23, registering a growth of 572% on Y-O-Y basis.

Key Updates:

- As on December 31, 2023, the Company operates 107 stores with a total retail area of ~11.4 lac Sq. Ft. The Company opened 14 new stores and closed 9 stores during 9M FY24.

- Healthy Same Store Sales Growth of 47% in Q3FY24 and 29% for 9M FY24 alongside margin expansion despite general industry slowdown.

Commenting on the results and performance, Mr. Ram Chandra Agarwal, Chairman & Managing Director said: "A great quarter and a year so far with overall healthy performance across parameters. This despite challenging market conditions, speaks volumes about our in-depth understanding and ahead of curve strategy. Our inhouse manufacturing facilities along-side our experienced team of designers and merchandiser and inventory management focus has given us an edge as compared to our peers. The strong acceptance of our differentiated product offerings and growing relevance is the testimony of our customer centric thinking of providing fresh variety, good quality at best price. The growth across all our stores have been encouraging, translating into a robust SSG of 29% in 9M FY24.

Our strategy to expand and deepen our store presence with the aim of being ever more proximate and convenient to customers reinforcing our brand promise. Our expansion plan on Stores is on track. We have added 4 stores so far in Q3 FY24 and plans to open additional 15-20 stores in next 2 Quarter. Our emphasis on Private Brands continues and the growth is encouraging.

We are confident that this business is well poised to shift gears and deliver substantial value to customers and shareholders going forward. The growing acceptance of our brands demonstrates the attractiveness of our platform and the tremendous potential to address opportunities that lies ahead."

Shares of V2 Retail Limited was last trading in BSE at Rs. 391.95 as compared to the previous close of Rs. 380.05. The total number of shares traded during the day was 21495 in over 629 trades.

The stock hit an intraday high of Rs. 393.75 and intraday low of 367.50. The net turnover during the day was Rs. 8224347.00.

Source : Equity Bulls

Keywords

V2Retail INE945H01013 Q3FY24 9MFY24 ResultUpdate