Aditya Vision (540205) Q4 18/19 earnings summary

Executive summary

• FY19 net revenue rose 27% YoY to ₹563.66 crore; EBITDA increased 78% to ₹17.41 crore, PAT rose 108% to ₹5.76 crore, and same-store sales growth was 19.50%.

• Expansion across Bihar continued, with 39 showrooms reported by the Board’s report; the Chairman’s message cited 40 showrooms as of the report date.

Financial highlights

• Gross revenue ₹690.96 crore vs ₹536.31 crore; net revenue ₹563.66 crore vs ₹443.94 crore in FY18.

• EBITDA ₹17.41 crore vs ₹7.69 crore; EBITDA margin 3.08% vs 1.73% as stated in the performance review.

• PAT ₹5.76 crore vs ₹2.78 crore; basic and diluted EPS ₹4.09 vs ₹1.97.

• Finance costs rose to ₹7.22 crore from ₹2.22 crore; depreciation and amortisation was ₹1.55 crore vs ₹1.33 crore.

Outlook and guidance

• Further showroom openings planned in FY20; work was in progress at Boring Road, Katihar, Madhubani and Buxar, with other updates also citing Katihar, Madhubani and Buxar as pipeline locations.

• An e-commerce website was planned to serve customers beyond Bihar, including expatriates seeking delivery to their home towns; no financial targets were stated.