Electronics mart –
Q2 FY 25 results and concall highlights –
Revenues – 1386 vs 1303 cr, up 6 pc
EBITDA – 84 vs 97 cr, down 13 pc ( margins @ 6.1 vs 7.4 pc )
PAT – 25 vs 37 cr, down 34 cr
Total stores –
NCR cluster – 25
Telangana + AP cluster – 152 stores
Stores added in last 6 months @ 18. Stores added in FY 24 @ 34
Geography wise EBITDA margins –
North cluster – 1 pc ( North Cluster’s operations started only in Aug 22. Margins should improve as the stores mature )
South cluster – 8 pc
Category wise revenue breakup –
Mobiles – 42 pc
Large appliances – 46 pc
Small appliances – 12 pc
Heavy and unseasonal rains in South India impacted demand in Q2
Likely to add 10-12 more stores in H2
Sales in Oct 24 have been encouraging
Should be able to achieve 15-18 pc sales growth for FY 25. Sales growth in H1 has been @ 13 pc ( it seems, they have had a good festive season – just a conjecture – to be taken with a pinch of salt )
Company expects positive operating leverage from Northern Cluster to start playing out in another 18 months or so
Disc: holding, biased, added recently, not SEBI registered, not a buy/sell recommendation
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