V-Mart Q3 Review - Steering Ahead In A Weak Market: Motilal Oswal 
Customers look at clothes displayed on mannequins at a hypermarket in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

V-Mart Q3 Review - Steering Ahead In A Weak Market: Motilal Oswal 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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

  1. down 11% same-store sales growth,
  2. 30% footprint adds over FY20–22E, and
  3. recovery in the Ebitda margin to FY20 levels.

Click on the attachment to read the full report:

Motilal Oswal V-Mart Q3FY21 Result Update.pdf

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