Apparels & Accessories company Vaibhav Global announced Q1FY23 Result :
- Declared interim dividend of Rs. 1.50 per equity share
- Q1 FY23: Rs. 628 crore vs Rs. 682 crore YoY. Robust growth of 43% over pre-Covid period of Q1 FY20
- Current Q1 growth looks subdued because of higher base
- 3 years compounded annual growth of 13%
- Digital Revenue Mix: 36% of B2C revenue
- Industry leading Gross Margins at 62% owing to better product mix
- EBITDA margin at 7.0% (excluding Germany 9.1%). Attributed to:
- Investments into new Germany unit
- Conscious investment on digital & broadcasting network
- Increased digital marketing
- PAT for the quarter is Rs. 20 crore as against Rs. 66 crore last year (adjusted for exceptional items). Adjusted for loss in Germany, PAT for the quarter Rs. 33 crore vs Rs. 72 crore YoY
- ROCE at 22% and ROE at 14% (on TTM basis) Return ratios implies effect of conscious business investments on affiliates, digital marketing, and Germany’s impact
- Declared an interim dividend of Rs 1.50 per share (face value Rs 2 each)
Commenting on the performance for Q1 FY23 Mr. Sunil Agrawal, Managing Director, Vaibhav Global Limited said, During the quarter gone by, we continued building future growth levers amidst broader macro challenges. While the quarter looks softer because of a very high base, our 3 years compounded annual growth stands at 13% with a robust growth of 43% over Q1 FY20.
We are happy to continuously gain market share in the challenging macro environment and perceive that the robustness of our business model will continue to drive forward our growth ambitions.
Our outlook for the year and mid-term remains intact and we expect to deliver mid-single digit growth in this fiscal year and mid-teens revenue growth in subsequent periods.