V-mart Retail Ltd · NSE:VMART
V-mart Retail — Q4 FY2023 Earnings Presentation
30 slides from V-mart Retail's earnings presentation, May 16, 2023
Slide 1: Cover letter to stock exchanges
Ref. No. CS/S/L-665/2023-24 16th May, 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 Scrip Co
Slide 2: V-Mart Retail Limited Investor Presentation Q4FY23
V-Mart Retail Limited Investor Presentation Q4FY23 www.vmartretail.com / www.limeroad.com
Slide 3: Q4FY23 Key Performance Highlights
Q4FY23 Key Performance Highlights Financial Parameters Operational Parameters 2
Slide 4: 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 5: 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% 881 774 11.1% 10.8% 9.7% 9.1% 118 Total V-Mart Unlimited LimeRoad Apparel Non Apparel Kirana LimeRoad Net Merchandise Value – INR 311.9 Million EBITDA (₹ Millions
Slide 6: 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% -7% -5% 498 11% -4% -3% 453 10% 382 365 4% 233 214 -3% -3% Total V-Mart Unlimited
Slide 7: Apr – Mar FY23 Key Performance Highlights
Apr – Mar FY23 Key Performance Highlights Financial Parameters Operational Parameters 6
Slide 8: 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 9: Financial Parameters
Financial Parameters Revenue (₹ Millions) Revenue Mix (%) 48% YTD FY23 24,648 38% 79.3% 79.8% YTD FY23 20,100 YTD FY22 16,662 YTD FY22 14,539 106% 4,379 2,123 11.1% 11.3% 9.6% 8.9% 169 Total V-Mart Unlimited LimeRoad Apparel Non Apparel Kirana LimeRoad Net Merchandise Value – INR 443.1 Million EBITD
Slide 10: 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 Transaction size V-Mart Unlimi
Slide 11: Operational Parameters
Operational Parameters Sales per square feet (per month)* Store Count (Nos) 423 380 11% 13% 212 185 655 13% 106 103 623 582 52 53 53 559 520 39 459 Store count Tier 1 Tier 2 Tier 3 Tier 4 YTD FY23 YTD FY22 SPSF Tier 1Total Tier 2 Tier13 Tier Tier 4 Tier 2 Tier 1 Tier 32 Tier 3Tier 4Tier 4 Total V-Ma
Slide 12: 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 13: Operating Expenses
Operating Expenses Manpower (₹ Millions) Power & fuel (₹ Millions) 42% 55% 2,555 901 1,796 1,966 698 1,603 583 496 369 193 20386 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 14: UL: A Year of Strategic Progress
UL : A Year of Strategic Progress 13
Slide 15: 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 16: 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 17: LimeRoad app
Pulkit's #UberCool] ,o, {tis what everyone's talking about likes 49 1 imeRoad + 4 a phe Freshest of Fashion delivered on the lighest & the fastest app in India 6 we iN 1aC ¢ » Keep It Natural All-Time Fave Staples +7 How Trendy Is Too Trendy We're drooling over Diana's 5 a
Slide 18: LimeRoad KPIs and synergies
MART New User: Repeat User: Visits MAUV Conversion to order Conversion to Order 18M 10M 1.2% 3.9% 80% T 70%T 46% THT Contribution Margin NMV Commission (all variable & fixed cost, , Growth Income excluding marketing cost) Synergies: (0) 0 0 +15% stores integrated 88 Oy 3 Uh 1 Yes +VMart conversion t
Slide 19: LimeRoad extending total addressable market
MART LimeRoad is extending VM group’s total addressable market by targeting a fashion-first aspirational audience #RainbowBrights To Bag Kajal In The Joyful Hue Take Cues From Sanjana We're Lovin' It ue 3 DENIM js a total st #ethnic #kurta #dupatta #ethnic #pink —#occasionwear #western #westernwear
Slide 20: Optimised for negative working capital
optimised for negative working capital
Slide 21: Apr-Mar FY23 Key Business Segments
Apr- Mar FY23 Key Business Segments Profit & Loss Statement Balance Sheet Cash flow Statement 20
Slide 22: Statement of Profit & Loss
Statement of Profit & Loss INR millions (except per share data) For the period ended Particulars 31.03.2023 31.03.2022 (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 ta
Slide 23: Segment Reporting
Segment Reporting INR 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 + Unlimited) 26,
Slide 24: Ind-AS 116: P&L Impact (YTD FY23)
Ind-AS 116 : P&L Impact (YTD FY23) INR 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 decreased by 578 “Changes due to Ind-AS 116 (increa
Slide 25: Balance Sheet
Balance Sheet INR 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 1,09
Slide 26: Cash Flow Statement
Cash Flow Statement INR 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 p
Slide 27: 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 28: 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 29: 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 30: 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