Vishal Mega Mart's Operations and Performance
Vishal Mega Mart operates supermarket chains across 30 states and Union Territories in India.
Strong Performance from Competitors
One of Vishal Mega Mart's major competitors, Avenue Supermarts, the parent company of hypermarket chain D-Mart, reported a December quarter business update with a 17% year-on-year increase in standalone revenue, surpassing ₹15,000 crore. As a result, Avenue Supermarts' stock surged 15% on Friday.
V2 Retail's Impressive Gains
V2 Retail, which operates 150 stores across 112 cities in 17 states, also provided a strong business update for the September quarter. V2 Retail's revenue rose by 58% year-on-year, with a 25% increase in Same Store Sales Growth (SSG) compared to the year-ago quarter. Avenue Supermarts does not disclose SSG figures for DMart.
Additionally, V2 Retail opened 45 new stores during the first nine months of the current financial year. Its sales per square foot increased to ₹1,219 per month from ₹1,085 in the same quarter last year. Shares of V2 Retail are locked in an upper circuit of 5% on Friday in response to these figures.
V-Mart Retail's Growth
Another competitor, V-Mart Retail, reported a 16% revenue growth during the December quarter, with a 10% year-on-year increase in Same Store Sales Growth.
Vishal Mega Mart's Stock Performance
Vishal Mega Mart listed on the bourses three weeks ago at a 33% premium to its IPO price of ₹78 per share. Friday's intraday high of ₹115.4 marks the highest level the stock has reached since listing. Shares of Vishal Mega Mart are currently trading 6% higher on Friday at ₹113.8.
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