V-Mart Retail Ltd has begun the new financial year 2019-20 by adding two more stores to take its tally to 216 across the country.
The value fashion retailer opened a store each in the states of Jammu & Kashmir and Bihar to take its store count in the states to 6 and 42 respectively.
During the fiscal year 2018-19, V-Mart had invested around Rs 100 crore ($14.5 million) to open around 44 new stores across India.
The company has bullish plans for fiscal 2019-20 and plans to add 50 new stores this year.
“We continue our store opening plan. Next year we are bullish because this year if we did not have too much growth, we should have a good base to start from,” Lalit Agarwal, managing director of V-Mart Retail, told CNBC-TV18 last month.
V-Mart had posted strong numbers for the third quarter with a profit of Rs 42 crore ($5.9 million) and revenue of Rs 468 crore.
It has set a revenue target of Rs 3,500 crore by 2023 and plans to add more than 200 new stores in the next five years to achieve it.