Aditya Vision (540205) Q4 20/21 earnings summary

Executive summary

• FY21 net revenue declined 6% YoY amid COVID-19 lockdowns, while EBITDA rose 26.2% and PAT increased 76%, supported by improved margins and cost controls.

• Operations expanded to 70 showrooms; omnichannel sales helped serve customers during restricted in-store trading.

Financial highlights

• Gross revenue was ₹906.89 crore vs ₹963.71 crore; net revenue was ₹747.99 crore vs ₹796.97 crore, both down 6% YoY.

• EBITDA rose to ₹43.31 crore from ₹34.32 crore, up 26.2%; EBITDA margin improved to 5.79% from 4.30%.

• PAT increased to ₹24.68 crore from ₹14.02 crore, up 76%; EPS was ₹20.51 vs ₹9.94.

• PBT increased to ₹32.98 crore from ₹18.74 crore, up 77% YoY.

• Same-store sales fell 13% YoY, while total sales declined 6%.

Outlook and guidance

• FY22 plans included 10–15 new showrooms in Jharkhand and additional uncovered locations in Bihar; six FY22 openings had brought the total to 70 at the report date.

• Expansion was tentatively planned for Uttar Pradesh and West Bengal from FY23, then Assam and Odisha from FY24.

• Omnichannel online-to-offline sales through the portal and app received a good response; performance was being monitored.

• Management expected consumer durables demand to benefit from low penetration, improving infrastructure, rising purchasing power and work-from-home needs.