V-Mart - A Value Fashion Retail; Robust Long-Term Growth Outlook: Axis Securities Initiates Coverage
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Axis Securities Report
V-Mart Retail Ltd. is strongly placed backed by its strong growth prospects in value fashion retail and well-established store network in lower-tier cities.
The company has ramped up its store addition over the years and has built a successful and highly profitable business model.
However, in the near term, store addition will be muted and the focus would be more on preserving cash, maintain liquidity position, and optimize working capital.
Over FY12-20, the company has delivered healthy revenue/Ebitda/profit after tax growth of ~25%/29%/21% compound annual growth rate respectively.
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