V-Mart shares leap 16% after strong Q3 show

Shares of V-Mart Retail soared 16 per cent in Thursday’s trade after the company posted a 40 per cent jump in December quarter profits.

The multi-brand retail chain on Wednesday reported a net profit of Rs 58.22 crore for the quarter ended on December 31, 2019. The company had posted a net profit of Rs 41.68 crore for the corresponding period of 2018-19, V-Mart said in a filing to the BSE.

The consolidated total income stood at Rs 562.58 crore for the quarter under consideration. It was Rs 467.55 crore for the same period a year ago.

"In the statement of profit and loss for the current period, operating lease expenses have been changed from rent to depreciation charge...To this extent performance for the quarter and nine-month period ending December 31, 2019 is not comparable with the previous period results," the company said.

The shares of the firm closed 13.80 per cent higher to Rs 2398.85 on BSE.

V-Mart has given over 350 per cent return in the last three years. Stock has been gaining for the last six days and is up 47 per cent year-to-date.