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V-Mart reports 16% revenue growth and 61% increase in EBITDA y-o-y in FY20

Posted On: 2020-05-29 22:27:37

V-Mart Retail, India's leading value fashion retailer that has presence across 19 states and 191 towns, announced its audited financial results for the quarter and full year ended 31st Mar, 2020. The results were approved by the Company's Board of Directors in its first-ever meeting conducted virtually on 29th May, 2020.

The Company reported full-year income of Rs. 1,667 Cr, growing 16% y-o-y, from Rs. 1,440 Cr in the last fiscal. Income for the fourth quarter stood at Rs. 333 Cr, de-growing by 4% y-o-y due to the drastic impact of Covid-19 pandemic on consumer sentiment and footfalls, which witnessed a sharp dip starting just before Holi in March. The Company had a noteworthy performance during most of FY20 and, Q4 in particular saw revenue growth of 29%, LTL growth of 8% and EBITDA growth of 60% till 15th March. However, the second half of March witnessed near-total store shutdown, as mandated by the government to contain Covid-19 infection leading to significant decline in the revenues. Same Store Sales Growth (SSSG) for the full year came in at (-2.3%), down from +3.7% last year.

The full-year EBITDA, suitably adjusted for IndAS-116, was Rs. 214 Cr, up 61% y-o-y. For the quarter, IndAS-adjusted EBITDA stood at Rs. 28 Cr, growing 57% y-o-y. Faced with a constrained operating environment during the year, the Company maintained a sharp focus on defending margins by improving productivity, cost savings, and efficiency enhancement initiatives. PAT for the year stood at Rs. 49 Cr, registering a drop of 20% y-o-y, as a result of an adverse IndAS adjustment of Rs. 31 Cr.

Marking a new milestone in its retail footprint expansion, the Company opened 55 new stores in FY20 (9 in Q4), its highest-ever tally in a single year, taking the total store count to 266. This surpassed yet another highest-ever achievement of 44 stores added last year, growing the total retail area by 23% y-o-y to 2.2 mn sq ft at FY20-end. While the new store additions focused on penetrating deeper and wider in existing clusters, the Company also ventured into two new states, Arunachal Pradesh and Nagaland, both in the North East.

Commenting on the Company's performance, Mr. Lalit Agarwal, CMD, said, "V-Mart has delivered consistent and profitable growth over the years while sustaining stakeholders in the entire ecosystem. At a time when due to Corona pandemic, the retail sector is facing a threat to its survival, we are going even closer to our customers, vendors, local communities and other stakeholders. As 'Living with less' becomes a necessity in these times of financial hardship, V-Mart is focusing on innovative and newer ways of creating more value for all its stakeholders. We believe this will earn us even more trust and goodwill."

Shares of V-MART RETAIL LTD. was last trading in BSE at Rs.1589 as compared to the previous close of Rs. 1598.8. The total number of shares traded during the day was 1371 in over 201 trades.

The stock hit an intraday high of Rs. 1606.05 and intraday low of 1571.9. The net turnover during the day was Rs. 2188996.

Source: Equity Bulls

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