Aditya Vision (540205) Q4 21/22 earnings summary

Executive summary

• FY22 net revenue rose 20% YoY to ₹899.11 crore; EBITDA reached ₹84.49 crore and PAT increased 72.15% to ₹35.28 crore.

• Expansion added 15 stores during FY22; the network reached 87 outlets across Bihar and Jharkhand by September 1, 2022.

• Growth came despite COVID-related store restrictions, supply-chain challenges and higher input costs; omnichannel sales helped serve customers during closures.

Financial highlights

• Gross revenue was ₹1,088.37 crore versus ₹906.89 crore; net revenue was ₹899.11 crore versus ₹748 crore, up 20% YoY on net sales.

• EBITDA rose to ₹84.49 crore from ₹57.15 crore; EBITDA margin increased to 9.39% from 7.64%.

• PAT was ₹35.28 crore versus ₹20.45 crore, up 72.15%; basic and diluted EPS were ₹29.33 versus ₹17.00.

• Same-store sales growth was 14.49%; total retail space was 324,350 sq. ft. and net sales per sq. ft. for stores operating over one year were ₹33,890.

Outlook and guidance

• Targeting 100 stores in FY23; plans include completing coverage of most Jharkhand districts and expanding in Uttar Pradesh, Chhattisgarh, Madhya Pradesh and West Bengal.

• Management expected consumer sentiment to improve with economic recovery, easing inflation and input-cost moderation, while continuing investment in customer experience and expansion.