V-Mart Retail Limited has informed the Exchange about Investor Presentation
Ref. No. CS/S/L-864/2025-26
2nd May, 2025
To: NATIONAL STOCK EXCHANGE OF INDIA LIMITED The Listing Department
To: THE BSE LTD The Corporate Relationship Department
“Exchange Plaza” Bandra Kurla Complex, Scrip Code: VMART Bandra (E ), Mumbai – 400 051
Fax: 022-26598120 Email: cmlist@nse.co.in Sub: Presentation to Analysts/Investors
Phiroze Jeejeebhoy Towers, Scrip Code: 534976 Dalal Street, Mumbai – 400 001
Fax: 022-22723121 Email: corp.relations@bseindia.com
Dear Sir/Madam,
Please find enclosed herewith the presentation being forwarded to Analysts/Investors on audited financial results of the Company for the fourth quarter and year ended on March 31, 2025.
The above presentation is also available on the Company's website: www.vmart.co.in.
We request you to kindly take the above information on record.
Thanking You,
V-Mart Retail Limited
Yours Truly For
Megha Tandon Company Secretary and Compliance Officer
Encl: As above
V-Mart Retail Limited Investor Presentation Q4FY25
www.vmartretail.co.in / www.limeroad.com
Disclaimer Disclaimer
This presentation by V-Mart Retail Limited (“V-Mart”) does not constitute a prospectus, placement memorandum, or an offer to acquire any securities. It should not be deemed an offer in any form.
No representation or warranty, express or implied, is made regarding the fairness, accuracy, completeness, or correctness of the information or opinions herein. The information is current only as of its date. Certain statements may be “forward-looking,” involving risks, uncertainties, and other factors that could cause actual results to differ materially. These risks include those related to V-Mart’s fashion, FMCG, and online marketplace businesses.
Data and opinions are based on assumptions and subject to risks, which may cause actual results to differ materially. Figures are rounded and may not depict exact numbers. The Company and its affiliates are not obligated to update any forward-looking statements. They are not liable for any loss arising from the use of this presentation. Do not place undue reliance on forward-looking statements, which reflect the current view of the Company’s management. We use various financial and operational indicators to measure performance. These indicators have isolation from our historical financial performance. Past performance is not necessarily indicative of future results.
limitations and should not be considered
in
V-Mart may alter the content of this presentation without obligation to notify any person. This presentation cannot be copied or disseminated. This summary does not contain all information needed to evaluate any potential transaction. Recipients should conduct their own analysis, consulting legal, business, tax, and financial advisers. The information has not been independently verified or reviewed by any statutory or regulatory authority in India.
No representation or warranty is made regarding the fairness, accuracy, completeness, or correctness of the information and opinions herein. This document does not constitute legal, business, tax, or financial advice. No person is authorized to provide information or make representations not contained in this presentation. If such information or representations are given, they should not be relied upon as authorized by V-Mart.
2
Q4FY25
Key Performance Highlights
Financial Parameters Operational Parameters
Key Highlights: Q4FY25 vs.Q4FY24
▪ Revenue Growth : 17% YoY (18% excluding LimeRoad) ▪ Memo Growth 19% YoY ▪ Same Store Sales Growth : 8% (V-Mart: 7%, Unlimited: 10%) ▪ Revenue Channel Mix
• V-Mart : 84% (Sale growth +19% YOY) • Unlimited : 15% (Sale growth +11% YOY) • LimeRoad : 1% (commission revenue)
▪ Total Stores : 497 (V-Mart : 412, Unlimited : 85) • Stores Opened : 13 (V-Mart: 12, Unlimited: 1) • Stores Closed : 4 (V-Mart: 3, Unlimited: 1)
▪
Limeroad Loss reduced by 43%
▪ EBITDA Growth 70% YoY (8.7% of Revenue) ▪ PAT growth 148% YOY (2.4% of revenue)
• All the figures for unlimited include one LimeRoad offline store • The figures for the corresponding previous period/year have been regrouped/reclassified, wherever
necessary
• NMV- Net Merchandise Value
Financial Parameters
Revenue from operations (₹ Millions)
Revenue Mix (%)
*LimeRoad Commission Income is ₹ 105 Mn (Q4 FY24 ₹ 169Mn)
EBITDA (₹ Millions, % to Revenue)
PAT (₹ Millions, % to Revenue)
5
79%10%11%78%11%11%ApparelNon-ApparelFMCGQ4FY24Q4FY25402 428 95 -121 681 623 126 -68 TotalV-MartUnlimitedLimeRoadQ4FY24Q4FY2569%▲46%▲33%▲43%▲6.0%8.7%7.8%9.5%9.1%10.8%-389 185 Q4FY24Q4FY25Q4FY24Q4FY252.4%-5.8%148%▲6,686 5,486 1,047 362 7,800 6,556 1,164 234 TotalV-MartUnlimitedLimeRoad NMV*Q4FY24Q4FY2517%▲19%▲11%▲35%▼ Operational Parameters
Same Store Sales Growth (SSSG) (%)
Same Store Volume Growth (SSVG) (%)
Footfall (Millions) and Conversion Rate (%)
Average Selling Price (ASP) (₹)
2%▼
1%▼
2%▼
3%▼
2%▼
1%▼
228
213
401
343
328
433
Total
V-Mart Unlimited
Total
V-Mart Unlimited
ASP (Total)
% change YoY
ASP (Apparel)
6
16 18 Q4FY24Q4FY2511%▲5%4%26%8%8%11%TotalV-MartUnlimitedQ4FY24Q4FY256%5%13%8%7%10%TotalV-MartUnlimitedQ4FY24Q4FY2542%45%Q4FY24Q4FY25 FY2024-25
Key Performance Highlights
Financial Parameters Operational Parameters
Key Highlights: FY25 vs. FY24
▪ Revenue Growth : 17% YOY ▪ Memo Growth 21% YoY ▪ Same Store Sales Growth : 11% ▪ Revenue Channel Mix
• V-Mart : 83% (Sale growth +21% YOY) • Unlimited : 16% (Sale growth +7% YOY) • LimeRoad : 1% (commission revenue)
▪ Total Stores : 497 (V-Mart : 412 / Unlimited : 85) • Stores Opened : 62 (V-Mart: 52, Unlimited: 10) • Stores Closed : 9 (V-Mart: 5, Unlimited: 4)
▪
Limeroad Loss reduced by 57%.
▪ EBITDA Growth 77% YoY (11.6% of Revenue) ▪ PAT growth 147% YOY (1.4% of revenue)
• All the figures for unlimited include one LimeRoad offline store • The figures for the corresponding previous period/year have been regrouped/reclassified,
wherever necessary
• NMV- Net Merchandise Value
Financial Parameters
Revenue from operations (₹ Millions)
Revenue Mix (%)
*LimeRoad Commission Income is ₹ 506 Mn (FY24 ₹ 773Mn)
EBITDA (₹ Millions, % to Revenue)
PAT (₹ Millions, % to Revenue)
*
*Includes ESOP expense of Rs. 161 Mn (FY24 : Nil)
9
-968 458 FY24FY25-7%1.4%147%▲80%9%11%79%10%11%ApparelNon-ApparelFMCGFY24FY2527,856 22,419 4,722 1,748 32,539 27,063 5,071 1,096 TotalV-MartUnlimitedLimeRoad NMV*FY24FY2517%▲21%▲7%▲37%▼2,131 2,431 416 -716 3,771 3,392 689 -310 TotalV-MartUnlimitedLimeRoadFY24FY2577%▲40%▲66%▲57%▲7.7%11.6%10.8%12.5%8.8%13.6% Operational Parameters
Footfall (Millions)
Conversion Rate (%)
Average Transaction Size (₹)
Average Selling Price (ASP) (₹)
4%▼
1%▼
1%▼
3%▼
1%▲
232
215
424
354
337
454
Total
V-Mart
Unlimited
Total
V-Mart
Unlimited
ASP (Total)
% change YoY
ASP (Apparel)
10
1,065 980 1,911 1,045 977 1,746 TotalV-MartUnlimitedFY24FY252%▼9%▼0%▼49%44%FY24FY2555 73 FY24FY2533%▲ Operational Parameters
Store Count (Nos)
Tier Wise Sales per square feet (Per Month) (₹)
Sales per square feet (Per Month) (₹)
Retail Space (Million Square Feet)
11%▲
3.9
4.3
13%▲
3.1
3.5
FY24
FY25
5%▲
0.8
0.8
Total
V-Mart
Unlimited
Tier 2
11
44410453233544971105626962TotalTier 1Tier 2Tier 3Tier 4FY24FY2512%▲6%▲6%▲15%▲15%▲641 667 519 710 742 575 TotalV-MartUnlimitedFY24FY2511%▲11%▲11%▲641694641630559710776690691643TotalTier 1Tier 2Tier 3Tier 4FY24FY2511%▲12%▲8%▲10%▲15%▲ Operational Parameters
Same Store Sales Growth (SSSG) (%)
Same Store Volume Growth (SSSV) (%)
Inventory (Days of Sales)
Provision for aged Inventory including shrinkage
10%▼
113
102
9%▼
119
108
136
11%▼
121
FY24
FY25
2%▲
57
58
Total
Apparel
Non Apparel
Kirana
1.5%
1.1%
FY24
FY25
12
1%1%0%11%12%9%TotalV-MartUnlimitedFY24FY256%5%14%9%9%14%TotalV-MartUnlimitedFY24FY25 Operating Expenses
Manpower (₹ Millions)
Power & fuel (₹ Millions)
*
*Includes ESOP expense of Rs. 161 Mn (FY24 : Nil)
Advertisement (₹ Millions , % to Total Revenue)
Other Expenses (₹ Millions)
13
2,870 2,143 504 223 3,634 2,874 539 221 TotalV-MartUnlimitedLimeRoadFY24FY2527%▲34%▲7%▲1%▼1,074 818 255 1 1,164 927 236 1 TotalV-MartUnlimitedLimeRoadFY24FY258%▲13%▲8%▼0%▲1,452 670 782 833 589 244 Total(V-Mart + Unlimited)LimeRoadFY24FY252.8%2.6%0.7%2.4%1.8%5.2%2,039 1,232 383 424 1,840 1,341 247 252 TotalV-MartUnlimitedLimeRoadFY24FY2510%▼9%▲36%▼40%▼ 14
Limeroad: NMV reduced by 37%, Loss reduced by 44% YoY
NMV and EBITDA (₹ Millions)
Marketing Cost and V-Mart’s Sale Mix
Marketing Cost (% of NMV)
V-Mart contribution in LimeRoad online orders
27%
27%
29%
23%
33%
12%
33%
40%
20%
19%
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY25
15
3622862812942341211037365680204060801001201403080130180230280330380430480Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25NMVEBITDA LossYOY NMV growth YOY EBITDALossreduction 35% 44% Q4 FY25
Statement of Profit & Loss Key Business Segments Balance Sheet Cash flow Statement
16
Statement of Profit & Loss
₹ Millions
17
FY25FY24FY25FY24(Audited)(Audited)(Audited)(Audited)Revenue from operations32,53927,85617%32,53927,85617%COGS21,29718,25121,29718,251Gross Profit11,2419,60517%11,2419,60517%GP Margin %34.5%34.5%34.5%34.5%Employee Expenses (excluding ESOP)3,4732,8703,4732,870Other Expenses3,8374,6046,1846,639EBITDA before ESOP expense3,9322,13185%1,585961547%Margin (excluding ESOP) %12.1%7.7%4.9%0.3%ESOP expense161-161-EBITDA3,7712,1311,42496EBITDA Margin %11.6%7.7%4.4%0.3%Other Income121210121210Depreciation & Amortisation2,3302,222788822Finance Cost1,3651,424240180Profit/ (Loss) Before exceptional items and Tax198-1,305215%518-696274%Exceptional gain/(loss)242---Profit/ (Loss) before tax (PBT)440-1,305518-696Tax-18-337-18-337Profit/ (Loss) after tax (PAT)458-968147%536-359249%Particulars YOY % Change YOY % ChangePost Ind AS 116Pre Ind AS 116 Ind-AS 116 : P&L Impact
FY 24-25
Q4 FY 24-25
₹ Millions
Particulars
Pre-Ind AS 116
IND AS 116 Impact
Post-Ind AS 116
Particulars
Pre-Ind AS 116
IND AS 116 Impact
Post-Ind AS 116
Rent
EBITDA
Finance costs
Depreciation
PBT before exceptional items
Exceptional items*
PBT
2,446
1,424
240
788 #
518
0
518
-2,347
2,347
1,125
1,542
-320
242
-78
99
3,771
1,365
2,330
198
242
440
Rent
EBITDA
Finance costs
Depreciation
PBT before exceptional items
Exceptional items*
PBT
654
62
69
192
-175
0
-175
-619
619
105
352
162
242
404
34
681
174 #
544 #
-13
242
229
*During the quarter, the Company reassessed its lease term estimates for store leases in accordance with Ind AS 116. This reassessment reflects the evolving nature of the Company’s store portfolio based on historical treads as well as future operating strategy. Accordingly, lease term estimates have been revised to closely align with the period over which management reasonably expects to exercise option to renew its lease contracts leading to a reassessment of the estimates of measurement and recognition of Right-of-Use (ROU) assets (including associated security deposits) and corresponding lease liabilities under Ind AS 116. This reassessment resulted in the recognition of a net exceptional gain of ₹2,418 lakhs during the quarter and year ended March 31, 2025.
# Post reassessment, depreciation on ROU and finance costs on lease liabilities reduced to ₹544 Mn (-12% YoY) and to ₹174 Mn (-52% YoY) respectively in Q4, delivering a quarterly recurring PBT benefit of ₹162 Mn (diminishing).
Correspondingly, there shall be a ~10% incremental depreciation charge going forward on the Fixed Assets deployed in the reassesed lease premises (current depreciation base value ₹ 788 Mn)
18
Balance sheet
₹ Millions
19
March 31, 2025March 31, 2024March 31, 2025March 31, 2024(Audited)(Audited)(Audited)(Audited)EQUITY AND LIABILITIES ASSETS Equity Property, plant and equipment5,2744,898Equity Share Capital198198 Capital work in progress4338Other Equity7,9047,272 Goodwill1515Total Equity (D)8,1027,470 Intangible assets397498 Right-of-use assets4,69911,197Liabilities Financial assetsFinancial liabilities Other financial assets462261 Lease liabilities4,41011,935 Income tax asset (net)6854Employee benefit obligations170126 Deferred tax assets (net)849821 Other non-current assets298324Non-current liabilities (E)4,58012,061 Non-current assets (A)12,10518,106 Financial liabilitiesCurrent assetsBorrowings1,4901,100 Lease liabilities1,926877 Inventories9,8688,161Payables (including Trade)7,6206,337 Financial assets Other financial liabilities445382 Investments 5147Employee benefit obligations7460 Loans32Current tax liabilities (net)87 Cash and cash equivalents394272Other current liabilities119160 Other financial assets400474Current liabilities (F)11,6818,922 Other current assets1,5421,391Total Liabilities (G = E+F)16,26120,983 Current assets (B)12,25810,348TOTAL EQUITY LIABILITIES (H = D+G)24,36228,453TOTAL ASSETS (C = A+B)24,36228,453ParticularsParticularsAs AtAs At Cash Flow Statement
₹ Millions
1. Working Capital = Current Asset – Current Liabilities (excluding Lease liabilities), 2. DOI = Avg. Inventory/Net Sales*365
3. DPO = Avg. Trade Payable for goods/ Purchases*365 4. Cash Conversion Cycle = DOI-DPO
20
March 31, 2025March 31, 2024(Audited)(Audited)(A) Cash flows from operating activitiesProfit/ (Loss) before Income Tax440-1,305Adjustments to reconcile profit before tax to net cash flows3,5713,474Operating profit before working capital changes4,0112,169Changes in working capital-5031,716Cash flow from operations3,5083,885Taxes paid (net of refunds)(14)(26)Net cash flow from operating activities (A)3,4943,859(B) Investing activities Net cash flow (used in)/from investing activities (B)(1,223)(1,177)(C) Financing activities Net cash from/(used in) financing activities (C)(2,149)(2,590)Net increase/(decrease) in cash and cash equivalent (D = A+B+C)12292Cash Flow Statement for the periodFor the year endedMarch 31, 2025March 31, 2024Net cash flow from operating 3,4943,859IndAS 116 adjustment (B)(2,347)(2,035)Pre IndAS 116 Net cash flow from operating activities (C) = (A+B)1,1461,824Net Capex (D)(1,224)(1,206)Finance charges - others (E)(233)(183)Net Free Cash Flow (F) = (C+D+E)-310435Free Cash Flow for the periodFor the year endedMarch 31, 2025March 31, 2024Working Capital12,5032,3039%DOI (Days Outstanding Inventory)2102113-10%DPO (Days Payable Outstanding)38992-3%Cash Conversion Cycle41321-38%ParticularsFor the year endedGrowth Q4 FY25
Store Geographical Spread Other Significant Updates
21
Cluster Based Expansion - New Stores Additions (Q4 FY25)
1
1
4
2
2
1
1
1
Powered by Bing © GeoNames, Microsoft, TomTom
22
1311224111TotalJAMMU AND KASHMIRASSAMBIHARJHARKHANDUTTAR PRADESHWEST BENGALTAMIL NADUARUNACHAL PRADESH131165 TotalTier 1Tier 2Tier 3Tier 4 Total Stores as on March 31, 2025
1
15
2
2
70
28
21
13
9
4
1
4
29
15
5
155
12
16
5
17
16
12
30
4
23
STATEFY25FY24UTTAR PRADESH155139BIHAR7059TAMIL NADU3028RAJASTHAN2928JHARKHAND2826WEST BENGAL2119KARNATAKA1717MADHYA PRADESH1618UTTARAKHAND1514TELANGANA1615ASSAM1513ANDHRA PRADESH129GUJARAT1211ORISSA1310JAMMU AND KASHMIR98NEW DELHI75TRIPURA73KERALA44MAHARASHTRA55PUNJAB44HARYANA44MANIPUR20ARUNACHAL PRADESH21HIMACHAL PRADESH11MEGHALAYA11CHANDIGARH11PUDUCHERRY11Total497444 New Stores Opened
Vadodara, Gujarat
Erode, Tamil Nadu
Golaghat, Assam
Nwada, Bihar
24
Awards & Recognition
Governance
LACP Vision Awards 2024 – Annual Report 2024 League of American Communications Professionals Recognition: • Worldwide Platinum Winner • Ranked 46th among the Top 100 Annual
Reports globally
• Technical Achievement Award
ICSI Award for Excellence in Corporate Governance 2024 Institute of Company Secretaries of India (ICSI)
Recognition: This prestigious recognition affirms our alignment with the highest standards of corporate governance in India.
25
ESG
Environmental
Social
•
Planted 13,950 plants at Palwal to enhance green cover and support environmental sustainability
• 0.5 MW Solar Power Plant at Warehouse operating
successfully
•
Employee base grew 11.4% to 12,185 • Gender Diversity increased to 26% • Differently-abled increased to 2.1% • CSR initiatives benefited 500+ individuals across
education, flood relief, nutrition, and animal welfare
26
Explore our comprehensive ESG profile and learn about V-Mart’s commitment to sustainability and ethical practices by visiting our ESG World page on our website:
Click Here to visit our ESG World Page
You are requested to participate in the V-Mart's ESG Materiality Survey by sharing your views on the key material topics that matter most to you.
Click Here for Materiality Survey 2025
ESG
Current ESG Ratings
ESG Ratings
Source
Ratings
Last Updated
Score Category
Click here
61 (Strong)
Mar’22
Click here
72%
Aug’24
Click here
65.7 (Strong)
Nov’23
Weak: 0-40 Below average: 41-50 Adequate: 51-60 Strong: 61-70 Leadership: 71-100
Low: 0-29 Medium: 30-79 High: 80-100
Poor (Below 30.0) Inadequate (30.1-45.0) Adequate (45.1-60.0) Strong (60.1-70.0) Excellent (Above 70.1)
27
Thank you
www.vmart.co.in
www.limeroad.com
For further information, please contact: IR: Suraj Rathor suraj.rathor@vmartretail.com CFO: Anand Agarwal anand.agarwal@vmart.co.in in
28