V-Mart reports over 1000 Cr turnover for FY-17
V-Mart Retail Ltd, North India’s leading and fastest growing retail chain, has reached a major milestone in its journey by crossing the benchmark Rs 1000 crore in turnover. The milestone is all the more significant in the stressed brick and mortar retail environment due to growing clout of ecommerce platforms.
The company has announced its audited financial results for the year ending 31st Mar 2017, which were approved by the Company’s Board of Directors at its meeting held on 3rd May, 2017. During the year FY’17, there is an increase in revenue by 24% to Rs 1001.72 crores, EBITDA by 33% to Rs 82.58 crores and PAT by 43% to Rs 39.53 crores, YoY.
The company now runs 143 stores under the V-Mart brand across Delhi, UP, Uttarakhand, Haryana, Rajasthan, Punjab, Bihar, Jharkhand, Gujarat, Maharashtra, Madhya Pradesh, Orissa, West Bengal and Jammu and Kashmir.
Speaking on the occasion, Lalit Agarwal, CMD, V-Mart Retail Ltd, thanked all stakeholders including investors, employees and vendors for achieving Rs 1000 crores of revenue after 13 years of long journey. He said that we have many opportunities ahead to position the company for long term growth while keeping our attention focused on operating discipline.
He contributed to the company’s growth in 2016-17 to greater focus on customers’ expectations, increase the Same Store Sales Growth to 13% YoY, opening of 21 new stores during the year, the smart ATM initiative launched by the company to help customers get cash from V-Mart stores during demonetization which helped gain significant new customers for the company and gaining operating efficiencies through automation in supply chain.
“Focus on customers’ expectations, technology adoption and store expansion have been key to our high performance,” said Lalit Agarwal, CMD, V-Mart Retail Ltd.