V-Mart reports decline in Q4 net profit to Rs 1.09 cr

Multi-brand retail chain V-Mart reported a marginal decline of 4.3 percent in net profit

to Rs 1.09 crore for the quarter ended March 31, 2014. The company had reported a net profit of Rs 1.14 crore during the same period of previous financial year, company stated in a filing to the BSE.

Despite a decline in profit margin, net sales increased to Rs 138.67 crores for the quarter under review compared to Rs 94.95 crores during the same period of last year. For the financial year 2013-14, the company's net profit increased to Rs 25.15 crores. During the fiscal year 2014-15, the company plans to open 25 new stores in Tier II and III cities. V-Mart also informed BSE, in a separate filing that its board has recommended a dividend of 10 percent or Rs 1 per equity share of the face value of Rs 10 each, for the 2013-14 fiscal.

With an aim to achieve a turnover target of Rs 600 crores in the financial year 2013-14, the company is looking to continue reporting a compounded annual growth rate (CAGR) of over 30 percent for the next 4 to 5 years, while expanding its retail footprint across the country.