V-Mart Q3 Review - Steering Ahead In A Weak Market: Motilal Oswal
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Motilal Oswal Report
V-Mart Retail Ltd.’s weakness in revenue continued – down 16% YoY (6% below estimate) thus far – while Ebitda/profit after tax decline was cushioned (down 11%/18% YoY, ahead of estimate) on the back of better gross margins and good cost management in a weak quarter.
Maintain Ebitda estimates for FY22E at 10% growth over FY20 on the back of
- down 11% same-store sales growth,
- 30% footprint adds over FY20–22E, and
- recovery in the Ebitda margin to FY20 levels.
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