- The earnings call for Q1 FY24 highlighted the company’s “Financial Performance and Strategic Decisions.”
- Despite an unfavorable environment, the company achieved exceptional growth in revenue and profit.
- The unseasonal rains in April and May impacted demand for compressor products, but June witnessed a robust recovery and resulted in the highest-ever quarterly revenue.
- Operational revenue increased by 46.23% YoY to Rs. 641.23 crores, with PBT increasing by 47.12% YoY to Rs. 49.33 crores, and PAT increasing by 41.26% YoY to Rs. 37.42 crores in Q1 FY23.
- Bihar contributed the most to the top line with nearly 88%, while Jharkhand and UP contributed 10% and 2%, respectively.
- The rise in scale of operations, contributions from new stores, and prudent inventory management fueled the strong growth.
- The company’s inventory decreased by approximately Rs. 33 crores, resulting in an optimal level of inventory and a reduction in net debt.
- During the quarter, 12 new showrooms were opened, with the total store count reaching 117.
- The company aims to open 8 to 12 more new stores in the next three months, surpassing its initial target of 125 stores for the entire fiscal year ’24.( confirmed for 140 stores)
- The company expanded its operations in Jharkhand and Uttar Pradesh, establishing itself as the largest consumer electronic retailer in both states.
- The company entered the BSE top 1000 list of companies by market cap, standing at 763rd position as of March 31, ’23.
- To fulfill the requirement of having one independent woman Director for the top 1000 listed entities by market cap, CA Apeksha Agiwal joined the board as Non-Executive Independent Director.
- The company has achieved nearly half of its revenues for the entire financial year ’23 in Q1 FY24.
- Gross margin was maintained above 15% driven by an optimal product mix.
- EBITDA for the quarter increased by 40.6% to Rs. 63.30 crores.
- The company’s store count reached 117 in Q1 FY24, with 12 new showrooms opened during the quarter.
- The company aims to continue expanding and setting new benchmarks.
- The strong financial performance in Q1 FY24 was primarily driven by prudent financial management and the growth strategy.
- The company continues to maintain transparency, good governance, and a commitment to creating value for stakeholders.
- The positive momentum in revenue and profit gives the company confidence in its future prospects.
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