V-mart Retail Ltd · NSE:VMART
V-mart Retail — Q4 FY23 Earnings Presentation
29 slides from V-mart Retail's earnings presentation, May 1, 2023
Slide 1: V-Mart Retail Limited Investor Presentation Q4FY23
V-Mart Retail Limited Investor Presentation Q4FY23 www.vmartretail.com / www.limeroad.com
Slide 2: Q4FY23 Key Performance Highlights
Q4FY23 Key Performance Highlights Financial Parameters Operational Parameters 2
Slide 3: Key Highlights: Q4FY23 vs. Q4FY22
Key Highlights: Q4FY23 vs. Q4FY22 ▪ Revenue Growth : 29% YoY ▪ Revenue Channel Mix • V-Mart : 83% (including 2% digital) • Unlimited : 15% • LimeRoad* : 2% (commission revenue) ▪ Revenue Segment Mix • Fashion : 90% (including LimeRoad) • Kirana : 10% ▪ Same Store Sales Growth : 10% YoY ▪ EBITDA (% t
Slide 4: Financial Parameters
Financial Parameters Revenue (₹ Millions) Revenue Mix (%) 29% Q4 FY23 79.2% 80.1% Q4 FY23 30% 5,939 Q4 FY22 4,940 Q4 FY22 4,588 3,813 14% 881 775 11.1% 10.8% 9.7% 9.1% 118 Total V-Mart Unlimited LimeRoad Apparel Non Apparel Kirana LimeRoad Net Merchandise Value – ₹ 312 Million EBITDA (₹ Millions , %
Slide 5: Operational Parameters
Operational Parameters Footfall (Millions) Conversion Rate (%) 11.2 40% 63% 58% 8.0 Q4 FY23 Q4 FY22 Q4 FY23 Q4 FY22 Same Store Sales Growth (%) Average Selling Price (₹) ASP (Total) ASP (Apparel) % vs Q4 FY22 -13% -12% 11% 10% -7% -5% -3% 498 -4% 453 382 365 4% -3% -3% 233 214 Total V-Mart Unlimited
Slide 6: Apr – Mar FY23 Key Performance Highlights
Apr – Mar FY23 Key Performance Highlights Financial Parameters Operational Parameters 6
Slide 7: Highlights: April - Mar FY23 vs FY22
Highlights: April - Mar FY23 vs FY22 ▪ Revenue Growth : 48% YoY ▪ Revenue Channel Mix • V-Mart : 79% (including 2% from digital) • Unlimited : 18% • LimeRoad : 1% (commission revenue) ▪ Segment Revenue Mix • Fashion : 90% (including LimeRoad) • Kirana : 10% ▪ Same Store Sales Growth : 23% ▪ EBITDA (
Slide 8: Financial Parameters
Financial Parameters Revenue (₹ Millions) Revenue Mix (%) 48% YTD FY23 24,648 38% 79.3% 79.8% YTD FY23 20,100 YTD FY22 YTD FY22 16,662 14,539 106% 4,379 11.1% 11.3% 9.6% 8.9% 2,123 169 Total V-Mart Unlimited LimeRoad Apparel Non Apparel Kirana LimeRoad Net Merchandise Value – INR 443 Million EBITDA
Slide 9: Operational Parameters
Operational Parameters Footfall (Millions) Conversion Rate (%) 63% 59% 42.6 48% 28.9 YTD FY23 YTD FY22 YTD FY23 YTD FY22 Transaction size (₹) Average Selling Price (₹) ASP (Total) ASP (Apparel) -6% -7% 4% 1,934 2,027 3% 2% 563 509 2 -1% 1017 973 921 903 410 382 246 221 Total V-Mart Unlimited YTD'23
Slide 10: Operational Parameters
Operational Parameters Sales per square feet (per month)* Store Count (Nos) 423 380 11% 13% 212 185 655 13% 623 106 103 559 582 520 52 53 53 39 459 Total Tier 1 Tier 2 Tier 3 Tier 4 YTD FY23 YTD FY22 SPSF Total Tier 1 Tier 1 Tier Tier 22 Tier 3Tier 3Tier 4 Tier 4Tier 1 Tier 2 Total V-Mart Unlimited
Slide 11: Operational Parameters
Operational Parameters Expenses (% of Revenue) Retail Space (Millions Square feet) 10.4% 10.8% YTD FY23 14% 3.7 14% YTD FY22 3.3 6.8% 2.9 2.5 5.5% 11% * 3.7% 3.5% 3.5% 2.5% 0.8 0.8 Manpower Power & fuel Advertisement Others Total V-Mart Unlimited YTD'23 YTD'22 Inventory (Days of Sales) Shrinkage* (%
Slide 12: Operating Expenses
Operating Expenses Manpower (₹ Millions) Power & fuel (₹ Millions) 42% 55% 2,555 901 1,796 1,966 698 1,603 583 496 20386 369 193 122 98 0.4 Total V-Mart Unlimited LimeRoad Total V-Mart Unlimited LimeRoad FY23 YTD FY22 YTD One time expense FY23 YTD FY22 YTD Advertisement (₹ Millions) Other Expenses (
Slide 13: UL : A Year of Strategic Progress
UL : A Year of Strategic Progress 13
Slide 14: Unlimited acquisition : Transition story
Unlimited acquisition : Transition story 80% Unlimited stores EBITDA positive* 32% inventory carries minimal risk* *Partner Brands Products, Returnable, No mark down, Fixed Margin, High credit period % stores *Pre-IND AS EBITDA % inventory 20% 43% 32% Partner brand Private Label 68% 37% >7% EBITDA 0
Slide 15: Model Economics
Model Economics Unlimited New Store economics in line with V-Mart LimeRoad aspirational unit economics new stores with higher gross margin 100 Sales (%) 100 Net Merchandising Value (NMV) 37 Gross Profit (%) 41 Commission Revenue (%) 31 Contribution Margin 1 (%) 21 Store Level Expenses (%) 20 Marketi
Slide 16: ] the,
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Slide 17: LimeRoad Visits and MAUV
Visits MAUV 18M 10M 80% T 70% T NMV Commission Growth Income 88% 36% All ts shown above are for Mar-23 & growth rate is Mar-23 vs pre-deal (Oct-22). Visit = total visits in one month MAUV = unique users who visited in one month NMV = Net Merchandise Value New User: Conversion to order 1.2% 46% 1 Con
Slide 18: LimeRoad is extending our total combined addressable market
LimeRoad is extending our total combined addressable market by targeting a fashion-first aspirational audience #RainbowBrights To Bag Kajal In The Joyful Hue Take Cues From Sanjana Vy jer Prk = | #ethnic #kurta#dupatta #ethnic #pink #occasionwear #western #westernwear #dailypost shivangini ‘ shivang
Slide 19: Optimised for negative working capital
optimised for negative working capital
Slide 20: Apr- Mar FY23 Key Business Segments, P&L, Balance Sheet, Cash flow
Apr- Mar FY23 Key Business Segments Profit & Loss Statement Balance Sheet Cash flow Statement 20
Slide 21: Statement of Profit & Loss
Statement of Profit & Loss ₹ millions For the period ended Particulars March 31, 2023 March 31, 2022 (Audited) (Audited) I Revenue from operations 24,648 16,662 II Other income 150 140 III Total Income (I + II) 24,798 16,801 IV Total expenses 24,928 16,697 V (Loss)/profit before tax (III-IV) (130) 1
Slide 22: Segment Reporting
Segment Reporting ₹ millions For the Year Ended For the Year Ended Particulars March 31, 2023 March 31, 2022 Particulars March 31, 2023 March 31, 2022 (Audited) (Audited) (Audited) (Audited) Segment Revenue Segment Asset Retail Trade (V-Mart + Unlimited) 24,479 16,662 Retail Trade (V-Mart + Unlimite
Slide 23: Ind-AS 116 : P&L Impact (YTD FY23)
Ind-AS 116 : P&L Impact (YTD FY23) ₹ millions Pre Ind-AS 116 Post Ind-AS 116 Net Impact on PBT Particulars (impact on PBT) – FY23 (A) (B) C = (B-A) Rent 2,035 255 (1,780) Finance cost 54 1,169 1,115 Depreciation & Amortization 557 1,800 1,243 PBT increased / (decreased) by (578) “Changes due to Ind-
Slide 24: Balance Sheet
Balance Sheet ₹ millions As At As At Particulars March 31, 2023 March 31, 2022 Particulars March 31, 2023 March 31, 2022 (Audited) (Audited) (Audited) (Audited) EQUITY AND LIABILITIES ASSETS Equity Property, plant and equipment 3,191 2,795 Equity Share Capital 198 197 Capital work in progress 1,092
Slide 25: Cash Flow Statement
Cash Flow Statement ₹ millions For the period ending Cash Flow Statement for the period March 31, 2023 March 31, 2022 (Audited) (Audited) (A) Cash flows from operating activities Profit before Income Tax (130) 104 Adjustments to reconcile profit before tax to net cash flows 2,977 1,887 Operating pro
Slide 26: Return On Capital Employed (ROCE)
Return On Capital Employed (ROCE) Post-INDAS 5.7% 5.3% FY22 FY23 ROCE = EBIT / Average Capital Employed ; Earnings before Interest & Tax (EBIT) = PAT + Tax + Interest; Capital Employed = Total Asset – Current Liabilities; Average = (Opening +Closing) / 2 26
Slide 27: New Stores Addition (Q4 FY23)
New Stores Addition (Q4 FY23) STATE Store Count Andhra Pradesh 2 Assam 5 Bihar 4 +1 Chandigarh 1 Jharkhand 2 Kerala 1 +2 +2 Madhya Pradesh 4 +1 +1 Orissa 2 +1 Rajasthan 6 Tamil Nadu 5 Telangana 4 Tripura 1 Uttar Pradesh 15 +1 Uttrakhand 4 West bengal 3 +1 Total 59 +2 Q4 FY23 27
Slide 28: Total Stores as on March 31, 2023
Total Stores as on March 31, 2023 STATE CY LY ANDHRA PRADESH 11 9 ARUNACHAL PRADESH 1 1 ASSAM 14 8 BIHAR 56 55 CHANDIGARH 1 0 GOA 1 1 GUJARAT 7 7 5 HARYANA 4 3 HIMACHAL PRADESH 1 1 1 JAMMU AND KASHMIR 8 8 JHARKHAND 24 24 KARNATAKA 19 20 KERALA 2 1 MADHYA PRADESH 17 14 MAHARASHTRA 5 5 MEGHALAYA 1 1 N
Slide 29: Thank you!
Thank Thankyou! you! In case of any queries, please contact the IR Team: In case of any queries, please contact the IR Team: ir_vmart@vmartretail.com ir_vmart@vmartretail.com