India's V-Mart Retail falls as expenses dent Q3 profit

V-Mart Retail

07/02/2023 05:43

** Shares of V-Mart Retail Ltd  VMAR.NS  fall as much as
3.2% to 2,611.15 rupees, the lowest since Jan. 27
    ** The readymade garments and accessories retailer on Monday
said quarterly profit slumped 65% to 199.7 million rupees ($2.41
million)
    ** Third-quarter profit hurt by surge in expenses, mainly
one-time expense on its LimeRoad acquisition during the quarter
    ** Also reported that revenue from operations rose 12.3% to
7.77 billion rupees
        ** Co on track for five sessions of consecutive losses
    ** About 11,887 shares change hands by 10:43 a.m. IST vs
30-day avg of 41,574 shares
    ** Sixteen of the twenty analysts covering the stock have a
"buy" or "strong buy" rating, while four has "hold"; median PT
is 3,550 rupees - Refinitiv data
    ** Stock down 5.2% so far this year, as of last close
($1 = 82.7440 Indian rupees)
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))