V-Mart reports Q3 net profit at Rs 103 million

V-Mart Retail announced its financial results for the quarter

ended December 31, 2012 for the first time after it got listed on the stock exchange and subsequent to its initial public issue of equity shares in February 2013. The Consolidated Profit after Tax (PAT) for Q3 FY13 stood at Rs 10.30 crores, whereas total consolidated income for Q3 FY13 stood at Rs 119.90 crores.

Corresponding figures for nine months ending December12 are Rs 16.85 and Rs 288 crores which reflect a growth of 82 percent and 38 percent over the corresponding period for last year. V-mart now has 64 stores across 55 cities including metros with a total area of more than 5.21 lakh square foot. The company's stores are located in prime cities of Gujarat, Uttar Pradesh, Bihar, Punjab, Haryana, Jammu and Kashmir, Rajasthan and Madhya Pradesh as well as in Chandigarh and New Delhi.

The company recently opened a new store at Akbarpur in Uttar Pradesh. The store is spread over an area of 8,500 square foot. They are also planning to open stores across various small Indian towns and cities including Sultanpur, Ujjain, Motihari. Their aim is to provide fancy garments at lower price points in an organised modern retail format to middle and lower middle classes.