1. Opening Hook
Retail stocks this quarter behaved like Indian weddings—big attendance, mixed reviews, and someone always asking about margins. V-Mart walked in with decent swagger: revenues up, profits smiling, and LimeRoad finally burning less cash (miracles do happen). Management blamed festive calendar shifts, took credit for “efficiency,” and quietly hoped analysts won’t zoom too much into ASP declines. Store additions continued at a breakneck pace, labour code hit came and went, and Unlimited played the role of the overachieving younger sibling. On the surface, it’s a clean quarter. Underneath, inventory, pricing pressure, and online ambitions still want attention. Stick around—because the real masala is hidden behind “adjusted for festive shift” footnotes.
2. At a Glance
- Revenue up 10% – Calendar blamed first, growth credited later.
- EBITDA up 22% – Cost discipline found religion this quarter.
- PAT up 23% – Finally profits listened to management slides.
- Stores at 554 – Expansion still believes more is more.
- Footfalls up 15% – India came shopping, wallets slightly cautious.
- LimeRoad loss down 60% – Diet working, appetite still alive.
3. Management’s Key Commentary
“Q3 performance should be seen along with Q2 due to festive shift.”
(Translation: Please don’t compare quarter-to-quarter like robots.) 😏
“EBITDA expansion driven by efficiency and
