Specialty Retail company Aditya Vision announced Q1FY24 results: Operational Revenue increased by 46.23% YoY to Rs 641.23 crore compared to Rs 438.51 crore in Q1FY23. PAT increased by 41.26% YoY to Rs 37.42 crore compared to Rs 26.49 crore in Q1FY23 Commenting on the performance for Q1FY24, Yashovardhan Sinha, Chairman and Managing Director of Aditya Vision, said: "We are thrilled to announce this exceptional growth in revenues and profits, which are a testament to the hard work and dedication of our team, unwavering support from our suppliers as well as the loyalty of our valued customers. Inspite of unseasonal rains affecting the peak summer season, we were able to achieve this remarkable growth. Due to weak summer, footfalls were impacted in April and May. However, with weather being supportive, the business recorded a strong recovery in the month of June. During the quarter, the Company continued its momentum in store expansion and opened 12 new showrooms out of which 5 were in Bihar, 2 in Jharkhand and 5 in Uttar Pradesh. The total store count as of today stands at 117 stores. We are at a stage of hyper scaling where our Company has opened 24 showrooms in the last 6 months. Keeping up with this momentum, we now aim to open 8-12 more new stores in the next 3 months before festive season, surpassing our initial target of 125 stores in FY24. We are the largest electronic retailer in Bihar and whilst we entered Jharkhand in FY2022, we have already become the largest electronic retailer in Jharkhand. In March 2023, we expanded our operations in Uttar Pradesh and received an overwhelmingly positive response from our customers. We are focused on establishing our presence in UP. We perceive a significant opportunity in the under-penetrated markets of Hindi Heartland for consumer durables & electronics. My team and I are strongly committed to ensuring that we generate value for our customers, investors, suppliers, employees, and all other stakeholders. Lastly, as a retail company specializing in consumer electronics, we remain unwavering in our dedication to delivering innovative products, outstanding customer experiences, and consistent growth. We are enthused about the future and have full confidence in our ability to set new benchmarks." Result PDF
Specialty Retail firm Aditya Vision announced Q3FY23 results: Q3FY23: Operational Revenue increased by 20.86% YoY to Rs 317.85 crores compared to Rs 262.98 crores in Q3FY22 PAT increased by 20.64% YoY to Rs 19.52 crores compared to Rs 16.18 crores in Q3FY22 9MFY23: Operational Revenue increased by 59.08% YoY to Rs 1,015.96 crores compared to Rs 638.64 crores in 9MFY22 PAT increased by 111.89% YoY to Rs 57.36 crores compared to Rs 27.07 crores in 9M FY22 Commenting on the performance for Q3 FY23, Mr. Yashovardhan Sinha, Chairman and Managing Director, Aditya Vision, said: “Your company finished Q3 with a growth of 20.86% in revenues and a growth of 20.64% in profits. For the 9M period, net revenue grew by 59.08% and profits have grown by 111.89%. We believe our core markets have continued to grow ahead of the consumer durables industry in the country. This strong growth reflects sustained consumer demand, driven by increased penetration of consumer durables and supported by excellent execution from our committed team. We have opened our 96th store, taking the store addition in FY23 to 17 as on date on a base of 79 stores in FY22. This strong store addition reflects our continued commitment to provide a world class shopping experience to our consumers and to deepen our retail presence in our target markets of the Hindi heartland. We have so far opened 14 stores in Jharkhand in 11 major districts. By Q3FY 2023, Jharkhand stores have started contributing 10% to our revenues. After a successful debut in Jharkhand, we are in the process of expanding our presence into targeted areas of Uttar Pradesh. I am excited to share with you that we have started our Uttar Pradesh expansion program sooner than initially planned and have already finalized few locations in Uttar Pradesh, moving closer to our goal of opening 150 Stores by FY 2025 following a Hindi heartland specific cluster-based expansion strategy. While we are expanding into newer geographies of Jharkhand & Uttar Pradesh, we are also opening 2000 – 3000 sq feet stores in Bihar in big sub divisional towns between districts. These stores will further fortify our leadership position in Bihar and brings us closer to our valued customers. These stores operate on an expense light model which will further contribute to the profitability of your company. We hit a half century of Stores in FY 2021, and we remain confident of achieving the milestone of 100 stores and more in this FY 2023 itself.” Result PDF
Specialty retail company Aditya Vision announced Q2FY23 results: Q2FY23: Revenue increased by 42.56% YoY to Rs 259.60 crore, compared to Rs 182.09 crore in Q2FY22 PAT increased by 171.53% YoY to Rs 11.35 crore, compared to Rs 4.18 crore in Q2FY22 H1FY23: Revenue increased by 85.83% YoY to Rs 698.11 crore, compared to Rs 375.66 crore in H1FY22 PAT increased by 247.47% YoY to Rs 37.84 crore, compared to Rs 10.89 crore in H1FY22. Yashovardhan Sinha, Chairman and Managing Director of Aditya Vision Ltd, said: "The company finished Q2 with a YoY growth of 42.56% in Revenues, where Profits grew by 171.539%. For the First half of FY2023, Revenues have grown by 85.83%, whereas Profits have grown by a whopping 247.47%. Profits for the first half of FY23 exceeded the entire profits in FY22. This strong growth reflects sustained consumer demand in our core markets, driven by increased penetration of consumer durables and supported by excellent execution from our committed team. However, the company's Q2 has historically remained the weakest among all quarters due to seasonal effects caused by monsoons and inauspicious periods. Today, we stand at 91 stores versus 79 stores in FY2022. We have opened 12 new stores in this fiscal so far, and 6 more are under construction at the moment. This reflects our commitment to providing a world-class shopping experience to our consumers and to deepening our retail presence in our targeted markets in the Hindi heartland. The company is confident to hit a century of Store Counts in FY2023 moving closer to our goal of 150 Stores by FY2025. Since retailing of consumer durables and electronics is a niche segment, the unique features enjoyed by your Company are provided below, which bodes well for the future of this format of retail: In all our stores, almost all the salesmen (brand promoters) are provided by the OEMs which saves on employee costs. Our retail sector is growing faster than other retailers due to the availability of easy finance options by way of zero-cost EM offering by NBFC and Banks which is supported by OEMs. Large Appliances like TV, fridge, AC & washing machine are aspirational products which require family purchase decisions where the entire family visits your store for the touch and feel of the products which reduces the option of online purchases. Moreover, company remains highly competitive due to its competitive price line and ability to instantly deliver the purchased products to customers. Consumer electronic market still remains under-penetrated in India, especially in Tier 3 and Tier 4 cities in Hindi Heartland where we see immense growth potential and strong demand due to massive improvements in the power situation. It assures that the team is motivated and working hard with a focus on delivering great value for our customers & our shareholders." Result PDF