V-Mart’s Q4FY23 result continues to be tepid. Its revenue performance has been decent (at 8% vs 12% retail expansion 4Y CAGR, 80% revenue share). In Unlimited, we like the relative outperformance in new stores (vs the acquired ones) led by strategic interventions such as: (1) Smaller size stores at ~8,000 sqft (vs 10,000 sqft acquired stores), (2) lower ASP (-7% YoY FY23), (3) high focus on tier-3 cities (75% stores added in tier-3 cities in FY23).