External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>V-Mart Retail’s (VMART) revenue grew 16% YoY in 3QFY25, led by strong SSSG (10%) and store additions.</li><li>EBITDA beat our estimate by 12%, aided by improvement in gross margin for offline format, lower losses in LimeRoad (LR), and benefits from unprofitable store closures in Unlimited.</li><li>VMART management indicated that it is focusing on volume-led growth and would even look to reduce prices of certain products to drive growth amid rising competition in value retail.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart Retail’s (VMART) revenue grew 16% YoY in 3QFY25, led by strong SSSG (10%) and store additions.EBITDA beat our estimate by 12%, aided by improvement in gross margin for offline format, lower losses in LimeRoad (LR), and benefits from unprofitable store closures in Unlimited.VMART management indicated that it is focusing on volume-led growth and would even look to reduce prices of certain products to drive growth amid rising competition in value retail.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart Retail - Good 3Q; Focus Remains on Volume Growth over Margin

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Beating Operating performance: V-Mart Retail posted a healthy 15.5% YoY revenue growth, which was in line with expectations and driven by a robust 10% YoY same-store sales growth (SSSG).</li><li>Demand remained strong, supported by the festive season, followed by wedding and winter sales that picked up in December.</li><li>Management noted early signs of recovery in semi-urban and rural markets.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Beating Operating performance: V-Mart Retail posted a healthy 15.5% YoY revenue growth, which was in line with expectations and driven by a robust 10% YoY same-store sales growth (SSSG).Demand remained strong, supported by the festive season, followed by wedding and winter sales that picked up in December.Management noted early signs of recovery in semi-urban and rural markets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart Retail Ltd - Growth Story Remains on Track; Maintain BUY

<ul><li>V-Mart is an omni-retail store chain and primarily focuses on Tier II and III cities.</li><li>V-Mart operates pan-India with an average store size of 8,000 sq. ft.</li><li>It follows the concept of 'value retailing' and is mainly concentrated in the states: Uttar Pradesh, Bihar, and Jharkhand, which account for ~50% of its store count. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart is an omni-retail store chain and primarily focuses on Tier II and III cities.V-Mart operates pan-India with an average store size of 8,000 sq. ft.It follows the concept of 'value retailing' and is mainly concentrated in the states: Uttar Pradesh, Bihar, and Jharkhand, which account for ~50% of its store count. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: V-Mart Retail Ltd. - 23 December 2024

<ul><li>V-Mart Retail’s (VMART) revenue grew 20% YoY in 2QFY25, led by strong SSSG and store additions.</li><li>EBITDA beat our estimate by 30%, aided by better productivity, improvement in gross margin for offline format, and lower losses in LimeRoad (LR).</li><li>We broadly maintain our revenue/EBITDA estimates for FY25/FY26. We expect revenue/EBITDA CAGR of 17%/39% over FY24-27 as we build in improved SSSG and lower losses in the online segment.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart Retail’s (VMART) revenue grew 20% YoY in 2QFY25, led by strong SSSG and store additions.EBITDA beat our estimate by 30%, aided by better productivity, improvement in gross margin for offline format, and lower losses in LimeRoad (LR).We broadly maintain our revenue/EBITDA estimates for FY25/FY26. We expect revenue/EBITDA CAGR of 17%/39% over FY24-27 as we build in improved SSSG and lower losses in the online segment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart Retail - Strong SSSG and Lower LR Losses Drive 2Q Beat

<ul><li>Despite a challenging landscape marked by heavy rainfall, inflationary pressure, and seasonal fluctuations, V-Mart Retail has delivered a robust revenue increase of 20.3% YoY.</li><li>This growth was driven by strong same-store sales growth (SSSG) of 15% YoY, alongside a notable 54% YoY increase in footfall.</li><li>Management has observed early signs of recovery in both rural and urban areas. Additionally, the proportion of repeat customers has surged to nearly 70%, reflecting strong consumer confidence in the brand. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite a challenging landscape marked by heavy rainfall, inflationary pressure, and seasonal fluctuations, V-Mart Retail has delivered a robust revenue increase of 20.3% YoY.This growth was driven by strong same-store sales growth (SSSG) of 15% YoY, alongside a notable 54% YoY increase in footfall.Management has observed early signs of recovery in both rural and urban areas. Additionally, the proportion of repeat customers has surged to nearly 70%, reflecting strong consumer confidence in the brand. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

V-Mart Retail Ltd - Seeing Gradual Recovery; Maintain BUY

India

V-Mart is a value retail chain in India, primarily targeting Tier II, III, and IV cities, offering fashion apparel, footwear, accessories, and general merchandise. The company also operates a digital marketplace platform. V-Mart was founded in 2002 and is headquartered in Gurugram, Haryana, India.

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V-Mart (VMART IN)

V-Mart Retail - Good 3Q; Focus Remains on Volume Growth over Margin

VMART management indicated that it is focusing on volume-led growth and would even look to reduce prices of certain products to drive growth amid...

Motilal Oswal

V-Mart Retail Ltd - Growth Story Remains on Track; Maintain BUY

Beating Operating performance: V-Mart Retail posted a healthy 15.5% YoY revenue growth, which was in line with expectations and driven by a robust...

Axis Direct

Pick of the Week: V-Mart Retail Ltd. - 23 December 2024

V-Mart is an omni-retail store chain and primarily focuses on Tier II and III cities. V-Mart operates pan-India with an average store size of 8,000...

Axis Direct

V-Mart Retail - Strong SSSG and Lower LR Losses Drive 2Q Beat

Motilal Oswal's research report onV-Mart Retail V-Mart Retail’s (VMART) revenue grew 20% YoY in 2QFY25, led by strong SSSG and store...

Motilal Oswal

V-Mart Retail Ltd - Seeing Gradual Recovery; Maintain BUY

Despite a challenging landscape marked by heavy rainfall, inflationary pressure, and seasonal fluctuations, V-Mart Retail has delivered a robust...

Axis Direct

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