Revenue for the quarter stood at ₹3,727 crore compared to ₹3,140 crore it reported during the same quarter last year.
Earnings Before Interest, Tax, Depreciation and Amortisation grew by 18.7% on a year-on-year basis to ₹545 crore from ₹459.5 crore earlier.
EBITDA margin remained unchanged at 14.6%, while net profit for the period stood at ₹259 crore, a growth of 26% from last year’s figure of ₹206 crore.
Vishal Mega Mart added 24 net new stores during the quarter, taking the total store count to 819 at the end of the June quarter. Its Same Store Sales Growth during the quarter stood at 10% year-on-year.
The company calculates its Same Store Sales Growth as the growth in net revenue of all stores that have been operational for at least 15 months at the beginning of each quarter during the period, adjusted to exclude stores which are temporarily closed due to refurbishment, area reduction or any other one-off reason, while they were open during the previous quarter.
For the quarter gone by, apparel contributed to 47.4% of the company’s overall topline, while general merchandise contributed 27.3% and FMCG contributed 25.2%. Own brand’s contribution to the revenue figure stood at 75.2%.
Vishal Mega Mart has also extended its quick-commerce initiative to 767 stores across 520 cities and it also has a registered user base of 1.41 crore.
“While elevated inflation weighed on demand environment in Q1, we expect the impact to taper down in the subsequent quarters. We remain confident and excited about the journey ahead, underpinned by strong fundamentals of our business and continued execution of our growth strategy,” Gurnender Kapur, the MD & CEO of Vishal Mega Mart was quoted as saying.
Shares of Vishal Mega Mart are looking to recover from the initial post-earnings drop, currently trading 1.7% lower at ₹110.1. The stock remains above its issue price but trades below its post-listing high of ₹157. The stock is down 19% so far this year, having decline 7% over the last one month.
