Aditya Vision (540205) Q4 23/24 earnings summary

Executive summary

• FY24 revenue rose 32% YoY to ₹1,743 crore and PAT increased 20% to ₹77 crore; revenue exceeded guidance, with 40 stores opened during the year.

• The 25th anniversary year included a ₹282.42 crore preferential equity raise, expansion to 145 stores across Bihar, Jharkhand and Uttar Pradesh at year-end, and a net-cash, debt-free position excluding lease liabilities.

Financial highlights

• Revenue from operations ₹1,743.29 crore, up 32% YoY; EBITDA ₹167.49 crore, up 26%; PBT ₹106.67 crore, up 24%; PAT ₹77.07 crore, up 20%.

• FY24 diluted EPS was ₹63.18, up 18% YoY; basic EPS was ₹63.72 versus ₹53.32 in FY23.

• FY24 revenue nearly doubled in two years; 10-year revenue CAGR was 30.15%, while reported FY22–FY24 revenue CAGR was 39%.

• Operating cash flow was negative ₹6.12 crore versus positive ₹17.61 crore in FY23, with inventory growth a major working-capital outflow; cash and cash equivalents ended at ₹17.55 crore.

Outlook and guidance

• Target sales CAGR of 20–25% over the next 3–5 years, supported by footprint expansion, higher bill volumes and improved realization per bill.

• Plan to add at least 25 stores annually over the next 2–3 years, while targeting double-digit same-store sales growth.

• Focus markets include Bihar, Jharkhand, Eastern and Central Uttar Pradesh, and adjoining Hindi-heartland states; target areas have consumer-durable penetration below 10%.

• Management expects healthy return ratios and cash flow from operational performance; FY24 same-store sales growth was 15%, following 32% in FY23.