Omnichannel value retailer V-Mart Retail Ltd. reported a 12 percent growth in revenue from operations to Rs 661 crore in April-June 2023 quarter (Q1FY24) compared to Rs 588 crore in the year-ago period.
The company in a business update stated that its revenue from LimeRoad digital marketplace stood at Rs 17 crore, reflecting a 44 percent growth quarter-on-quarter.
The NMV on LimeRoad jumped 42 percent on a sequential basis, the company stated. LimeRoad business was integrated with effect from November 11, 2023.
The company opened nine new stores and closed one store in the April-June quarter of FY 2023-24, taking the total number of stores to 431 as of June 30, 2023.
The new stores opened included three stores in Bihar, two in Uttar Pradesh, one each in West Bengal, Madhya Pradesh, Andhra Pradesh and Rajasthan. It closed one store in Karnataka.
The company has 349 V-Mart stores and 82 Unlimited Stores as of June 2023.
V-Mart is a value retail chain which offers fashion apparel, footwear, home furnishings, general merchandise and grocery items for the complete family needs.
The company in May had told CNBC-TV18 that it has a strong focus on same-store sales growth and a positive outlook for the LimeRoad business.
Notwithstanding the net loss of Rs 37 crore in the March quarter of financial year 2023, V-Mart Retail's financials were strong and continue to grow, Anand Agarwal, the CFO of medium-sized hypermarkets, had said.
Shares of V-Mart Retail are trading 0.4 percent lower at Rs 2,280.10.
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