ADITYA VISION LIMITED ANNOUNCES Q2 FY23 RESULTS
The Board of Directors of Aditya Vision Limited at its meeting held in Patna on November 14, 2022, took on record the limited reviewed financial results of Q2 FY 2023.
KEY HIGHLIGHTS Q2 FY 2023
n Revenue increased by 42.56% YOY to Rs. 259.60 Crs. compared to Rs. 182.09 Crs. in Q2 FY 2022. n PAT increased by 171.53% YOY to Rs. 11.35 Crs. compared to Rs. 4.18 Crs. in Q2 FY 2022.
H1 FY 2023
n Revenue increased by 85.83% YOY to Rs. 698.11 Crs. compared to Rs. 375.66 Crs. in H1 FY 2022.
NPAT increased by 247.47% YOY to Rs. 37.84 Crs. compared to Rs. 10.89 Crs. in H1FY 2022.
Commenting on the performance for Q2 FY23, Mr. Yashovardhan Sinha, Chairman and Managing Director, Aditya Vision Limited, said: “Your Company finished Q2 with a YOY growth of 42.56% in Revenues, where Profits grew by 171.53%. For the First half of FY2023, Revenues have grown by 85.83%, whereas Profits have grown by whopping 247.47%. Your Company’s profits for First half of FY2023 has exceeded the entire profits in FY2022. This strong growth reflects sustained consumer demand in our core markets, driven by increased penetration of consumer durables and supported by excellent execution from our committed team. However, Company’s Q2 has historically remained the weakest among all quarters due to seasonal effect caused by monsoons and inauspicious periods. Today, we stand at 91 stores versus 79 stores in FY2022. We have opened 12 new stores in this fiscal so far, and 6 more are under construction at the moment. This reflects our commitment to provide a world class shopping experience to our consumers and to deepen our retail presence in our targeted markets in Hindi heartland.
Your Company is confident to hit a century of Store Counts in FY2023 moving closer to our goal of 150 Stores by FY2025. Since retailing of consumer durables and electronics is a niche segment, the unique features enjoyed by your Company are provided below, which bodes well for the future of this format of retail: 1)In all our stores, almost all the salesmen (brand promoter) are provided by the OEMS which save on employee cost. 2) Our retail sector is growing faster than other retail due to availability of easy finance options by way of zero cost EMI offering by NBFC and Banks which is supported by OEMS. 3) Large Appliances like TV, Fridge, AC & Washing Machine are aspirational products which require family purchase decision where the entire family visits your stores for touch and feel of the products which reduces the option of online purchases. Moreover, your Company remains highly competitive due to competitive price line and ability to instantly deliver the purchased products to customers.
4) Consumer electronic market still remain under penetrated in India especially in Tier 3 and Tier 4 cities in Hindi Heartland where we see immense growth potential and strong demand due to massive improvement in power situation.
Your Company assures that your Team is motivated and working hard with focus on delivering great value for our Customer & our Shareholders.”