Aditya Vision –
H1 and Q2- FY 24 highlights –
H1 financials –
Sales – 954 vs 698 cr, up 37 pc
EBITDA – 86 vs 68 cr, up 27 pc
PBT – 62 vs 48 cr, up 29 pc
PAT – 47 vs 38 cr, up 24 pc
Same store growth @ 19 pc
Total billing – 4.1 vs 3.2 lakh
Avg selling price – Rs 22.5 vs 22.2 k
Store count on 30 Sep 23 vs 30 Sep 22 – @ 130 vs 88 , up 48 pc
Largest white goods retailer in Bihar, Jharkhand
Gross and PAT margins have moved up from 16 to 10 pc and 1 to 5 pc from FY 19 end to end of FY 23
State wise store count –
UP – 13
Bihar – 97
Jharkhand – 20
Zero store closure since inception
Own App – AdityaSeva for customer care solutions, AdityaSuraksha for extended warranty
Q1 and Q3 drive 30 and 28 pc of revenues. Q2 and Q4 are relatively slower @ 18 and 24 pc of revenues
Aiming to grow @ 20-25 pc CAGR for next 3-5 yrs
Aiming to expand to neighbouring Hindi heartland states
Electricity consumption in UP, Bihar, Jharkhand has gone up by 2X in last 8 yrs !!!
Entire festive season shifted to Q3 this yr vs its start in Q2 in last FY.Still, the company grew its topline from 260 to 313 cr
Conducted loan melas at 125+ locations across the 3 states which helped garner popularity for the Retail chain – Aditya Vision
Aim to open another 10-15 stores in H2 to take the total store count to 140-145 by end of Mar 24
At present, 30 of company stores are < 6 months old. As they ramp up / mature, there shall be a jump in profitability
Company intends to dominate UP mkt (in future) as it is dominating the Bihar mkt. This can be a huge development if it materialises
Q3 is likely to be robust. Oct demand has been very good. Nov is likely to be even better
Marquee investors like HDFC AMC have entered the company’s shareholders list. Some other Mrs have also entered
Benaras, Prayagraj stores doing very well right from inception
Company likely to stick to Hindi heartland due – under-penetration and blue sky kind of growth potential that’s avlb there
Blended borrowing cost for the company at around 8.5 pc
Company is likely to list on NSE in next
No plans to get into a private label selling / building own brand name
Disc: invested, may add on dips, biased, not SEBI registered
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