V-mart Retail Ltd · NSE:VMART
V-mart Retail — Q2 FY2024 Earnings Presentation
29 slides from V-mart Retail's earnings presentation, Nov 6, 2023
Slide 1: Presentation to Analysts/Investors cover letter
Ref. No. CS/S/L-716/2023-24 3rd November, 2023 To: To: The Listing Department The Corporate Relationship Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED THE BSE LTD “Exchange Plaza” Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (E ), Mumbai – 400 051 Scri
Slide 2: V-Mart Retail Limited Investor Presentation Q2FY24
V-Mart Retail Limited Investor Presentation Q2FY24 www.vmartretail.co.in / www.limeroad.com
Slide 3: Q2FY24 Key Performance Highlights
Q2FY24 Key Performance Highlights Financial Parameters Operational Parameters
Slide 4: Highlights
Highlights ▪ Revenue Growth 9% YoY, with festive sales shifting to Q3 in CY ▪ Footfalls growth 13% ▪ L2L sales volume growth 6%, ASP (Apparels) -13%, L2L Sales degrows by -6% ▪ 8 new stores opened in Q2 (5 VM, 3 UL), 2 closed (1 VM, 1 UL) ▪ Limeroad revenues increase by 26%; loss decreases by 23%, Q
Slide 5: Financial Parameters
Financial Parameters Revenue (₹ Millions) Revenue Mix (%) 80% 76% Q2FY23 9%▲ Q2FY23 Q2FY24 5,494 5%▲ 5,062 Q1FY24 Q2FY24 4,018 4,228 0%▲ 26%▲ 1,044 1,047 219 8% 10% 12% 14% 174 Total V-Mart Unlimited LimeRoad Apparel Non-Apparel FMCG LimeRoad Net Merchandise Value – ₹ 538 Million (Q1FY24 – ₹ 445 Mil
Slide 6: Operational Parameters
Operational Parameters Footfall (Millions) Conversion Rate (%) 11 13%▲ 55% 55% 9 Q2FY23 Q2FY24 Q2FY23 Q2FY24 Same Store Sales (SSSG) Growth* (%) Average Selling Price (ASP) (₹) 18%▼ 19%▼ 10% 13%▼ 11%▼ 12%▼ 11%▼ -6% 195 173 417 317 291 441 Total Total V-Mart Unlimited Total V-Mart Unlimited Q2FY23 Q2
Slide 7: Apr – Sep FY24 Key Performance Highlights
Apr – Sep FY24 Key Performance Highlights Financial Parameters Operational Parameters
Slide 8: Key Highlights: YTDFY24 vs. YTDFY23
Key Highlights: YTDFY24 vs. YTDFY23 ▪ Revenue Growth : 12% YoY ▪ Revenue Channel Mix • V-Mart : 79% (including 2% digital) +10% YOY • Unlimited : 18% +2% YOY • LimeRoad : 3% (commission revenue) ▪ Revenue Segment Mix • Fashion : 88% • FMCG : 12% ▪ Total Stores : 437 (VMart : 353 / Unlimited : 84) •
Slide 9: Financial Parameters
Financial Parameters Revenue (₹ Millions) Revenue Mix (%) 12%▲ 81% 79% YTDFY23 12,280 10%▲ YTDFY23 10,940 9,652 YTDFY24 YTDFY24 8,751 2%▲ 2,189 2,235 - 393 8% 9% 11% 12% Total V-Mart Unlimited LimeRoad Apparel Non-Apparel FMCG LimeRoad Net Merchandise Value – ₹ 980 Million EBITDA (₹ Millions , % to
Slide 10: Operational Parameters
Operational Parameters Footfall (Millions) Conversion Rate (%) 18%▲ 23 56% 20 53% YTDFY23 YTDFY24 YTDFY23 YTDFY24 Transaction size (₹) Average Selling Price (ASP) (₹) 2,234 13%▼ 1,947 17%▼ 18%▼ 9%▼ 6%▼ 5%▼ 4%▼ 1,057 1,001 8%▼ 6%▼ 933 899 209 187 434 326 301 459 Total V-Mart Unlimited Total V-Mart Un
Slide 11: Operational Parameters
Operational Parameters Store Count (Nos) Tier Wise Sales per square feet (Per Month) (₹) 90 0 8%▲ 1%▼ 2%▲ 5%▼ 3%▲ 80 0 405 437 70 0 571 567 599 609 553 567 591 559 5%▲ 11%▲ 60 0 452 475 3%▲ 50 0 2%▲ 198 220 12%▲ 40 0 106 109 30 0 52 53 49 55 20 0 10 0 0 Tier 1 Tier 2 Tier 3 Tier 4 Tier 1 Tier 2 Tota
Slide 12: Operational Parameters
Operational Parameters Same Store Sales Growth (SSSG) (%) Same Store Volume Growth (SSVG) (%) 9% -3% Total 5% -4% 4% V-Mart Total Unlimited V-Mart -10% Unlimited SSSG SSSV Q2FY23 SSSG and SSSV are not comparable, since the base year FY22 was impacted by Covid and current year there is shift of festi
Slide 13: Operating Expenses
Operating Expenses Manpower (₹ Millions) Power & fuel (₹ Millions) 29%▲ 20%▲ 18%▲ 610 17%▲ 1,429 508 1,112 475 930 1,092 406 32%▲ 15%▲ 182 210 127 102 135 - - 0 Total V-Mart Unlimited LimeRoad Total V-Mart Unlimited LimeRoad YTDFY23 YTDFY24 YTDFY23 YTDFY24 Advertisement (₹ Millions , % to Revenue) O
Slide 14: LimeRoad
CELEB LimeRoad sry Les Fashion That Inspires he 4 / y aa IN INDIA ie Specially hand-picked BY EDITORS ree SHIPPING Reliable Logistics
Slide 15: LimeRoad Financial Parameters
LimeRoad Financial Parameters NMV & Revenue (₹ Millions) Synergies Contribution Margin * (% of NMV) 28% 27% 600. 33 60% 550. 33 38% 40% 10% 500. 33 39% 33%▲ 450. 33 400. 33 18% 8% 15% 350. 33 650%▲ 10% 300. 33 250. 33 6% 118 200. 33 150. 33 1% 100. 33 312 445 174 538 219 50. 33 - 20% Q4 FY23 Q1 FY24
Slide 16: LimeRoad extending total combined addressable market
LimeRoad is extending our total combined addressable market by targeting • Youth and fashion first aspirational audience • Leveraging V-Mart store inventory, reducing time and cost to deliver 15
Slide 17: Optimised for negative working capital
optimised for negative working capital 16
Slide 18: Apr-Sep FY24 Key Business Segments, P&L, Balance Sheet, Cash flow
Apr- Sep FY24 Key Business Segments Profit & Loss Statement Balance Sheet Cash flow Statement 17
Slide 19: Statement of Profit & Loss
Statement of Profit & Loss ₹ Millions For the period ended Particulars September 30, 2023 September 30, 2022 (Unaudited) (Unaudited) I Revenue from operations 12,280 10,940 II Other income 35 67 III Total Income (I + II) 12,315 11,007 IV Total expenses 13,469 10,886 V (Loss)/profit before tax (III-I
Slide 20: Segment Reporting
Segment Reporting ₹ Millions For the Period Ended For the Period Ended Particulars September 30, 2023 September 30, 2022 Particulars September 30, 2023 September 30, 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Segment Revenue Segment Asset Retail Trade (V-Mart + Unlimited) 11,887 10,940 Ret
Slide 21: Ind-AS 116: P&L Impact (YTD FY24)
Ind-AS 116 : P&L Impact (YTD FY24) ₹ Millions Pre Ind-AS 116 Post Ind-AS 116 Increased / (decreased) in PBT Particulars (impact on PBT) – FY24 (A) (B) C = (A-B) Other Expense (Rent impact) 3,364 2,369 995 Finance cost 79 689 -610 Depreciation & Amortization 345 1,031 -686 (Loss)/profit before tax (P
Slide 22: Balance Sheet
Balance Sheet ₹ Millions As At As At Particulars September 30, 2023 March 31, 2023 Particulars September 30, 2023 March 31, 2023 (Unaudited) (Audited) (Unaudited) (Audited) EQUITY AND LIABILITIES ASSETS Equity Property, plant and equipment 4,977 3,191 Equity Share Capital 198 198 Capital work in pro
Slide 23: Cash Flow Statement
Cash Flow Statement ₹ Millions For the period ending Cash Flow Statement for the period September 30, 2023 September 30, 2022 (Unaudited) (Unaudited) (A) Cash flows from operating activities Profit before Income Tax -1,154 122 Adjustments to reconcile profit before tax to net cash flows 1,712 1,316
Slide 24: Store Geographical Spread, Other Significant Updates
Apr – Sep FY24 Store Geographical Spread Other Significant Updates 23
Slide 25: Cluster Based Expansion - New Stores Additions (Q2 FY24)
Cluster Based Expansion - New Stores Additions (Q2 FY24) Total 8 Kerala 2 Uttar Pradesh 2 (1 store closed) +1 Karnataka 1 +2 +2 Madhya Pradesh 1 +1 Uttarakhand 1 +1 +1 Gujrat 1 Telangana (1 store closed) +1 Total 8 Tier 1 1 +1 Tier 2 1 Tier 3 4 Tier 4 2 +2 Q2 FY24 24
Slide 26: Total Stores as on September 30, 2023
Total Stores as on September 30, 2023 STATE FY24 FY23 ANDHRA PRADESH 12 11 ARUNACHAL PRADESH 1 1 ASSAM 14 14 BIHAR 59 56 CHANDIGARH 1 1 GOA 1 1 GUJARAT 8 7 5 HARYANA 4 4 HIMACHAL PRADESH 1 1 1 JAMMU AND KASHMIR 8 8 JHARKHAND 24 24 KARNATAKA 19 19 KERALA 4 2 MADHYA PRADESH 19 17 MAHARASHTRA 5 5 MEGHA
Slide 27: New Stores in Q2
New Stores in Q2 Kerala UP Gujarat UP Put-To-Light System Kerala MP Karnataka Uttarakhand 26
Slide 28: Renovated Stores – Refreshed Look
Renovated Stores – Refreshed Look 27
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