Bata, V-Mart Retail - Close To Pre-Covid Levels; A Fleeting Impact From Omicron In Q4? Nirmal Bang Q3 Preview
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Nirmal Bang Report
We expect Bata India Ltd. to post 28% YoY revenue growth in Q3 FY22 on the back of festive season, easing of lockdowns and aggressive vaccination drive across the country, which likely resulted in higher footfalls in its retail outlets with other distribution channels continuing to deliver strong growth (wholesale, digital, franchising).
Revenue would likely be marginally lower from Q3 FY20 level. The gradual return to work places, increase in social gatherings, festival season (Diwali, Christmas), opening up of schools & colleges etc have all likely contributed to a better 3QFY22.
V-Mart Retail Ltd.'s Q3 is the strongest quarter (contributing 50-75% of Ebitda) in typical year as three seasons coincide, festive, wedding and winter seasons.
We expect V-Mart Retail to have grown its Q3 FY22 revenue by 99% YoY due to a low base last year (and by 66% over Q3 FY20) with the addition of ‘Unlimited stores’, festive season (‘Diwali’, ‘Christmas’) and onset of winter.
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