Bata India, V-Mart Q2 Results Preview - Continue To See A Mixed Recovery: Nirmal Bang

We expect Bata India and V-Mart to post revenue growth in Q2 FY23 on the back of stores operating.

<div class="paragraphs"><p>Women footwear kept on shelves in a store. (Source:</p></div>
Women footwear kept on shelves in a store. (Source:

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Nirmal Bang Report

We expect Bata India Ltd. to post 28% YoY revenue growth in Q2 FY23 on the back of stores operating without any disruption in the quarter (unlike in the base quarter) and business coming back to normal amid rising ‘return to office’ trend, higher social gatherings (festivals, weddings etc.) and opening of schools and colleges. Revenue would cross pre-pandemic level (Q2 FY20) by ~9%. This revenue growth will still largely be driven by average selling price, but volume contribution will likely be better than what it was in Q1 FY23 (90% of Q1 FY20 level).

We expect V-Mart Retail Ltd.’s Q2 FY23 revenue to grow by 38% YoY on the back of a slightly low base, full normalisation of mobility, lifting of restrictions on social and festive events and buying ahead of the festive season in October 2022. Revenue in Q2 FY23 will be 50% higher than the pre-pandemic level of Q2 FY20. Growth vis-a-vis Q2 FY20 will be driven by strong retail area expansion (70%) due to addition of stores and acquisition of ‘Unlimited’ (effective September 01, 2021).

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Nirmal Bang Retail Sector - Q2FY23 Result Preview.pdf


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