V-Mart Retail Ltd, a New Delhi-based value retail chain, has posted a 49.76 rise in its sales to Rs 506.16 crore in the quarter ended September 2022 (Q2FY23) from Rs 337.97 crore in the quarter ended September 2021 (Q2FY22)
The company’s net loss has narrowed down to Rs 11.31 crore in the quarter ended September 2022, as against Rs 14.14 crore in the similar quarter last year.
The company’s EBITDA stands at Rs 8.24 crore in September 2022 down 50.21 per cent from Rs 16.55 crore in September 2021.
V-Mart Retail opened 16 new stores and closed two stores in the July-September quarter of FY 2022-23. The company currently runs 410 stores across tier-2, 3 and 4 cities.
The stores, having an average size of 8,000 square feet, sell clothing, accessories, and personal care products for men, women, and children.
The company recently acquired LimeRoad, a social commerce platform. Our trends together with LimeRoad’s community expertise will transform V-Mart stores into a rich local-experience centers, driving higher repeat footfall overtime, the company had said.
Although the size of the deal was unknown, V-Mart had committed an investment to the tune of Rs 150 crore into the Tiger Global-backed LimeRoad over a period of 2-3 years.
Started in 2002 by New Delhi-based Lalit Agarwal, a cousin of RC Agarwal who is chairman of Vishal Retail (Now V2 Retail), the company went public in 2013.
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