ICICI Securities: V-Mart - Best Play In Value Fashion Segment
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ICICI Securities Report
V-Mart Retail Ltd. (value fashion retailer) is well positioned to capture growth opportunities in tier two-four cities with aggressive store openings and first-mover advantage.
It has already built a successful and highly profitable business model.
However, near term focus would be on preserving cash through cost reduction, rationalising capex and optimising working capital.
Rising competition, increasing share of new stores versus matured stores, and investment in supply chain will keep margin range-bound and return ratios steady.
We like the company’s revenue growth potential, timely execution and best-in-class return ratios.
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