Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/v-mart-retail-ltd" target="_blank" data-smartkarma-citation="entities:1987:1" rel="noopener">V-Mart Retail (VMART IN)</a>  is an omni-channel value retailer, providing a range of products aimed at Bharat’s middle and lower middle class</li>
<li>The company has implemented a cluster strategy that has supported its expansion across India. In FY24, V-Mart opened 46 new stores nationwide.</li>
<li>Being over-indexed to value, V-MART has posted slower revenue growth compared to the recent past. New Warehouse and tigher control over inventory could boost cashflows further. </li>
</ul>



V-Mart Retail (VMART IN)  is an omni-channel value retailer, providing a range of products aimed at Bharat’s middle and lower middle class
The company has implemented a cluster strategy that has supported its expansion across India. In FY24, V-Mart opened 46 new stores nationwide.
Being over-indexed to value, V-MART has posted slower revenue growth compared to the recent past. New Warehouse and tigher control over inventory could boost cashflows further. 


Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shoppers-stop-ltd" target="_blank" data-smartkarma-citation="entities:12804:1" rel="noopener">Shoppers Stop (SHOP IN)</a> is a leading retailer in India specializing in fashion and beauty brands with 12 department stores, 7 premium home stores, and 87 specialty beauty outlets,</li>
<li>SHOP has also launched its value retail format INTUNE in June 2023 generating excitement and interest around the same. </li>
<li>It seems SHOP is trying to play all cards of the retail game, i.e., premium, beauty, and value fast fashion, but so far has shown no signs of success.</li>
</ul>



Shoppers Stop (SHOP IN) is a leading retailer in India specializing in fashion and beauty brands with 12 department stores, 7 premium home stores, and 87 specialty beauty outlets,
SHOP has also launched its value retail format INTUNE in June 2023 generating excitement and interest around the same. 
It seems SHOP is trying to play all cards of the retail game, i.e., premium, beauty, and value fast fashion, but so far has shown no signs of success.


Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> is a leading retail company in India known for its diverse range of fashion and lifestyle brands like Westside and Zudio. </li>
<li>With its own labels, operating efficiencies, and leverage at work, Trent has been able to expand its margins substantially. </li>
<li>We anticipate the strong operational performance to continue. We believe it will take a couple of years for peers to catch up to Trent's execution prowess.</li>
</ul>



Trent Ltd (TRENT IN) is a leading retail company in India known for its diverse range of fashion and lifestyle brands like Westside and Zudio. 
With its own labels, operating efficiencies, and leverage at work, Trent has been able to expand its margins substantially. 
We anticipate the strong operational performance to continue. We believe it will take a couple of years for peers to catch up to Trent's execution prowess.


Narrative and Numbers | Trent Ltd (TRENT IN) | FY24

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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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>Decent Performance: Revenue grew by 12.6% YoY (in line with our estimates), led by SSSG growth of 6% YoY in Q4FY24.</li><li>This was on account of festive and wedding season-led footfall growth of 25% YoY.</li><li>EBITDA margins stood at 6%, up 216bps, attributed to a 44% YoY reduction in Lime Road losses in Q4FY24. </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.

Decent Performance: Revenue grew by 12.6% YoY (in line with our estimates), led by SSSG growth of 6% YoY in Q4FY24.This was on account of festive and wedding season-led footfall growth of 25% YoY.EBITDA margins stood at 6%, up 216bps, attributed to a 44% YoY reduction in Lime Road losses in Q4FY24. 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 Ltd - Decent Performance, Lime Road Losses To Reduce; Maintain BUY

<ul><li>Financial Performance: V-Mart's results were above our estimates on profitability.</li><li>Revenue grew by 14% YoY, aided by a good festive season, increasing footfalls &amp; positive consumer sentiments. EBITDA margins were 13.5% up by 12 bps.</li><li>Lime road losses have been reduced by 29% in Q3 and it endeavours to reduce the losses by 30% on a sequential basis. </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.

Financial Performance: V-Mart's results were above our estimates on profitability.Revenue grew by 14% YoY, aided by a good festive season, increasing footfalls &amp; positive consumer sentiments. EBITDA margins were 13.5% up by 12 bps.Lime road losses have been reduced by 29% in Q3 and it endeavours to reduce the losses by 30% on a sequential basis. 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 Ltd - Seeing Gradual Recovery; Maintain BUY

India

V-Mart Retail Limited owns, operates, and franchises a chain of family lifestyle stores in India. The Company operates medium sized hypermarket format retail stores that sell clothes, accessories, and footwear for men, women, and kids; cosmetics, luggage, toys, and games; and food, non-food, and staple items.

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V-Mart Retail (VMART IN)

Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...

Pranav Bhavsar

Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Pranav Bhavsar

Narrative and Numbers | Trent Ltd (TRENT IN) | FY24

Trent Ltd in India stands out in retail with diverse brands like Westside and Zudio, showing strong margins and operational performance that peers...

Pranav Bhavsar

V-Mart Ltd - Decent Performance, Lime Road Losses To Reduce; Maintain BUY

This was on account of festive and wedding season-led footfall growth of 25% YoY. EBITDA margins stood at 6%, up 216bps, attributed to a 44% YoY...

Axis Direct

V-Mart Ltd - Seeing Gradual Recovery; Maintain BUY

Revenue grew by 14% YoY, aided by a good festive season, increasing footfalls & positive consumer sentiments. EBITDA margins were 13.5% up by 12 bps.

Axis Direct

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Narrative and Numbers | V-Mart Retail (VMART IN) | FY24

​V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...

Pranav Bhavsar

Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

​Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Pranav Bhavsar

Narrative and Numbers | Trent Ltd (TRENT IN) | FY24

​Trent Ltd in India stands out in retail with diverse brands like Westside and Zudio, showing strong margins and operational performance that peers...

Pranav Bhavsar

V-Mart Ltd - Decent Performance, Lime Road Losses To Reduce; Maintain BUY

This was on account of festive and wedding season-led footfall growth of 25% YoY. EBITDA margins stood at 6%, up 216bps, attributed to a 44% YoY...

Axis Direct

V-Mart Ltd - Seeing Gradual Recovery; Maintain BUY

Revenue grew by 14% YoY, aided by a good festive season, increasing footfalls & positive consumer sentiments. EBITDA margins were 13.5% up by 12 bps.

Axis Direct

V-Mart Retail targets Bharat's middle class with omni-channel strategy, slower revenue growth due to focus on value, expansion with cluster...

Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Trent Ltd in India stands out in retail with diverse brands like Westside and Zudio, showing strong margins and operational performance that peers...