Multi-brand retail chain V-Mart on Monday reported 46.79 percent increase in its net profit to Rs 1.60 crore for the fourth quarter ended March 31, 2015. The company had posted a net profit of Rs 1.09 crore during the January-March period of previous financial year.
V-Mart's total income from operations during the quarter under review increased by 22.92 percent to Rs 170.64 crore as against Rs 138.82 crore during the same period of last financial year, the company said in a filing to the BSE.
"During this quarter, the focus was on inventory rationalisation whereby the quantity and quality was to be optimised. To achieve this objective of clearing seasonal stock the company resorted to clearance sales and promotions. This has helped us achieve our objective even though we may have lost on some margins," said V-Mart Retail Chairman & Managing Director Lalit Agarwal.
Over the future outlook of the company, he said: "The retail chain is looking at IT to help drive efficiencies across various domains and also facilitate better process and controls".
In the financial year ended March 31, the company's net profit increased 48.54 percent to Rs 37.36 crore as against Rs 25.15 crore in the previous fiscal year. The company's total income from operation also increased 25.31 percent to Rs 720.50 crore in FY15 as against Rs 574.95 crore of FY14.
Meanwhile, in a separate filing, V-Mart informed that its board has recommended a dividend of 15 percent or Rs 1.50 per equity share of the face value of Rs 10 each for FY15. Shares of V-Mart on Monday closed at Rs 554 per share on the BSE, up 0.14 percent from previous close.
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