New Delhi: V-Mart Retail chain which opened 23 stores in FY14 and has already opened 18 stores in the current financial year, the company said in a statement.
V-Mart Retail has reported a standalone total income grew 23% from operations of Rs 240.26 crore and a net profit of Rs 24.02 crore for the quarter ended December 2014. Other income for the quarter was Rs 0.55 crore.
For the quarter ended December 31st, the company reported a growth in profit after tax (PAT) of 70 per cent Y-o-Y.
In the quarter, the company's Sales grew by 23 per cent and EBIDTA grew by 35 per cent Y-o-Y.
'This quarter has been satisfactory with the outcomes of some initiatives being along expected lines. We had planned our purchases early in the year for the festive & winter season and locked procurements at competitive prices which we passed on the benefit to customers while realising good margins for the company. During this quarter the main focus was on cost efficiency while ensuring sales growth and I am happy to say that we achieved the same,' says Lalit Agarwal, Chairman & Managing Director, V-Mart Retail.
Agarwal added that the retail chain is fine tuning the assortment mix within the existing lines of business particularly in apparel to be more in line with current trends which will facilitate the merchandise on offer to be in sync with customer requirements.
The company has concluded the consolidation of the warehouse operations at one location and the focus in the coming quarters would be stabilisation and optimisation of the operations so that the envisioned benefits can accrue to the company.