V-Mart Retail Reports First Quarter Turnaround

V-Mart Retail Ltd posted a profit of Rs 12.14 crore in Q1 2024, reversing a loss of Rs 21.94 crore in the same period last year. Revenue increased by 15.85% to Rs 786.08 crore. Despite this success, company shares dropped by 5.26%.

V-Mart Retail Ltd on Monday reported a profit of Rs 12.14 crore for the first quarter ended in June 2024, a significant improvement from the loss of Rs 21.94 crore reported in the same period last year, according to a regulatory filing.

Revenue from operations increased by 15.85 per cent to Rs 786.08 crore during the quarter under review, compared to Rs 678.52 crore in the corresponding quarter, the value retailer stated.

Total expenses for the June quarter amounted to Rs 781.40 crore. Of the total revenue, Rs 774.50 crore came from retail trade, while Rs 11.58 crore was generated from the digital marketplace Limeroad.

Despite the positive earnings, shares of V-Mart Retail Ltd on Monday settled at Rs 3,248.80 apiece, down 5.26 per cent from the previous close.

(With inputs from agencies.)