Aditya Vision Ltd. · NSE:AVL
Aditya Vision — Q3 FY2025 Earnings Presentation
36 slides from Aditya Vision's earnings presentation, Jan 30, 2025
Slide 1: Submission of Investor Presentation
Aditya Vision Limited R R R R Date- January 30, 2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Bandra Kurla Complex, Bandra (East) Mumbai-400001 Mumbai- 400051 Scrip Code: 540205 Symbol-AVL Sub: - Submission of Investor Presentation De
Slide 2: 25 Years: A legacy of Promise, Performance & Progress
25 Years: A legacy of Promise, Performance & Progress Investor Presentation January 2025
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), have been prepared by Aditya Vision Limited (the “Company”) solely for information purposes and do not constitute any offer, recommendation, or invitation to purchase or subscribe for any securities and shall not form the
Slide 4: Table of Contents
Table of Contents 4-8 Q3 & 9MFY25 Highlights 9-17 Business Overview 18-21 Historical Performance 22-29 Industry Overview 30-35 Appendix Q4FY24 Earnings Presentation 3
Slide 5: Q3 & 9MFY25 Financial Highlights
Q3 & 9MFY25 FINANCIAL HIGHLIGHTS 4
Slide 6: Q3 and 9MFY25: Overview
Q3 and 9MFY25: Overview 01 Opened five new Stores in Q3, Store count touched 161 as on 31 December. st In January, added six more stores, raising the current store count to 167. 02 Healthy Revenue Growth of 23% and 30% YoY in Q3 and 9M respectively. 03 Q3 EBITDA margin is 9.2%. Company continues to
Slide 7: Q3 & 9MFY25 Financial Performance
Q3 & 9MFY25 Financial Performance (Rs. in Cr) Revenue EBITDA PBT PAT 23% 7% 8% 9% 508 Q3FY25 413 47 43 29 31 22 24 Q3FY24 Q3FY25 Q3FY24 Q3FY25 Q3FY24 Q3FY25 Q3FY24 Q3FY25 Margins 10.5% 9.2% 7.0% 6.1% 5.4% 4.8% 30% 25% 31% 29% 1,773 1,368 162 119 9MFY25 130 91 90 69 9MFY24 9MFY25 9MFY24 9MFY25 9MFY24
Slide 8: Q3 & 9MFY25 Financial Performance
Q3 & 9MFY25 Financial Performance Particulars (Rs in Cr) Q3FY25 Q3FY24 YoY 9MFY25 9MFY24 YoY Revenue from Operations 508.5 413.3 23% 1,773.1 1,367.6 30% Total Expenditure 461.9 369.8 25% 1,611.3 1,237.8 30% EBITDA 46.6 43.5 7% 161.8 129.8 25% EBITDA Margin % 9.2% 10.5% -137 bps 9.1% 9.4% -37 bps Dep
Slide 9: Roadmap Ahead
Roadmap Ahead Targeting to grow at 20-25% Revenue CAGR over the next 3 – 5 years Progressing towards Central UP from Eastern UP. Business is ready to scale beyond Bihar, Jharkhand & Uttar Pradesh to adjoining states in the “Hindi Heartland” over the next 3-5 years based on “Creeping Cluster Approach
Slide 10: Business Overview
BUSINESS OVERVIEW 9
Slide 11: Aditya Vision at a Glance
Aditya Vision at a Glance Patna Headquarters 50%+ Mkt Share Largest Electronic 100% Retail 10,000+ In Bihar as per Crisil Report Retailer Sales Products sold at our in Jharkhand Outlets 161 Showrooms As on 31st Dec 100+ 1st Consumer Rs 282 Cr 4,000+ Long Term Relationships 2016 Avg store size First
Slide 12: 25 years of Aditya Vision – Sambandh Bharose ka
25 years of Aditya Vision – Sambandh Bharose ka 2024: First fund raise after IPO from the one of the World’s largest FII – Capital Group Opened 18 stores in UP in one year Crossed 100 stores in Bihar 2016: 1st Consumer Electronics Company to be listed 2023: Started expanding in UP ; 1,743 on Exchang
Slide 13: Our Driving Principles
Our 5 Driving Principles Customer-centric Large Supplier Scaling up business Prudent Capital Building a people- approach based on base (Brands) to pass on better Allocation with centric culture within providing Best selling their prices to customers Strong Corporate a technology-driven Range, Lowest
Slide 14: Unique Business Model
Unique Business Model OEM Supply Customer Service ▪ 85% Direct OEM Supply leading ▪ Aditya Seva - One-stop solution for to higher margins after-sales services. ▪ 15% Distributors/C&F Agents ▪ Aditya Suraksha – Allows customers to ▪ Long-term relationships with enjoy an extended warranty 100+ brands
Slide 15: Store Unit Economics At A Glance
Store Unit Economics At A Glance Rs 60-70 lacs 161 (as on 31st Dec) 13-15% Average Capex per Store Outlets in Bihar + Jharkhand + UP Gross Margin Range --------------------------------------------------- ----------------------------------------------- ----------------------------------------- Rs 2.2
Slide 16: Business Economics
Business Economics (% of Sales) FY20 FY21 FY22 FY23 FY24 Gross Margin (%) 11% 12% 16% 16% 16% Gross Margin has increased with scale Employee Cost 3% 3% 3% 3% 3% Low store-level employee cost Rent* 1% 2% 2% 2% 2% Average rent of Rs 2 – 2.25 lacs p.m/store. Advertisement & Publicity 1% 1% 1% 1%
Slide 17: Strategic Focus on Hindi Heartland Region
Strategic Focus on Hindi Heartland Region V BIHAR - 108 STORES (Present in all 38 districts) People living in Bihar, Jharkhand & UP JHARKHAND - 28 STORES constitute 30% of India’s Population (21 Districts Covered out of 24 Districts) • Estimated Population of Bihar: 13 crores UTTAR PRADESH - 25 STOR
Slide 18: Revenue Seasonality of the Business
Revenue Seasonality of the Business Quarterly Share of Revenue(%) Peak Summer Season + Marriage Season + Strong Q1 35% Demand for Cooling Products + Major Stocking up prior to this quarter Q2 19% Weaker Quarter owing to Monsoon + Shraadh months Q3 24% Festive Season with attractive Brand Offers Marr
Slide 19: Historical Performance
HISTORICAL PERFORMANCE 18
Slide 20: Historical Financial Highlights
Historical Financial Highlights Revenue EBITDA & EBITDA Margins PAT & PAT Margins 30% CAGR:42% 25% CAGR:48% 29% CAGR:39% 167 162 90 1,743 1,773 133 77 1,368 130 69 1,322 64 10.1% 9.6% 899 83 3.9% 5.0% 5.0% 4.9% 9.5% 4.4% 9.2% 9.1% 35 FY22 FY23 FY24 9MFY24 9MFY25 FY22 FY23 FY24 9MFY24 9MFY25 FY22 FY2
Slide 21: Historical Annual Financials and Operational Performance
Historical Annual Financials and Operational Performance Inventory Days** Payable Days** Working Capital Days 106 87 98 77 91 83 66 53 45 17 19 13 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 *Receivable Days are less than 0 since the Company has negligible Trade Receivables **Payable
Slide 22: Focussed on Growth
Focussed on Growth High Growth Trajectory while maintaining Return Ratios Gross Margin % ROCE & ROE* (%) 15.8% 16.0% 16.0% 12.3% 10.7% 60% 48% 55% 46% 2020 2021 2022 2023 2024 43% With Size, our Gross Margins have improved keeping customer value in focus. 24% 29% 28% 24% 25% PAT Margin % ROCE 4.9% R
Slide 23: Industry Overview
ADITYA VISION Industry Overview
Slide 24: Powering India's Retail Surge: Driving Consumer Spending Growth
Powering India's Retail Surge: Driving Consumer Spending Growth Consumer Durables Market Growth (Rs Trn) Increased household spending on consumer durables over the years CAGR 11-15% % Composition of Monthly Per capita Consumption Expenditure CAGR 8% Rural 7.2% 5.1 6.9% 3.6 3.1 Urban 5.6% 2.1 2.4 4.9
Slide 25: Low Penetration and Rising premiumization is in favor for AVL
Low Penetration and Rising premiumization is in favor for AVL Share of Split ACs is on a rise Demand for Fully Automated WMs continuously rising Penetration in India (%) Window Split Semi Fully 60% 57% 62% 73% 81% 35% 43% 38% 27% 19% FY17 FY22 FY17 FY22 10% 8% 6% Share of Bigger Size TV Increasing F
Slide 26: Market Penetration & Opportunity in Hindi Heartland
Market Penetration & Opportunity in Hindi Heartland Source: www.statsofindia.in , Business Standard 25
Slide 27: Rising Prosperity in Underpenetrated Hindi Heartland
Rising Prosperity in Underpenetrated Hindi Heartland 26
Slide 28: Electricity Consumption Growth In Hindi Heartland vs Other States
Electricity Consumption Growth In Hindi Heartland States vs Other States has grown by 2x 211% ~2.1x 171% ~1.7x 164% ~1.6x 139% ~1.4x 130% ~1.3x 100% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Bihar Jharkhand Uttar Pradesh Maharashtra Gujarat Source: Central Electricity Authority, MoSPI *The starti
Slide 29: Hindi Heartland– Engine for Aditya Vision’s Sustainable Growth
Hindi Heartland– Engine for Aditya Vision’s Sustainable Growth India’s 3rd largest Ranked 11th in economy - 8% India in terms of FDI contribution to inflows National GDP UTTAR Attractive economics of Bihar and Jharkhand PRADESH Breached $1000 Ranked 7th in the In the recent Union Budget, govt total
Slide 30: Shift from Unorganised to Organised: Aditya Vision well Positioned
Shift from Unorganised to Organised: Aditya Vision is well Positioned to benefit Rapid Shift from Overall Un-Organised to Organised sector in Indian Consumer’s Durable Industry Organised Unorganised 23% 42% 51% 77% 58% 49% FY16 FY21 FY27P Organised Sector to Grow Faster than Overall Consumer Electro
Slide 31: Appendix
APPENDIX 30
Slide 32: Our Trade Partners
Our Trade Partners Our Consumer Finance Partners ~41% Sales Financed in FY24 31
Slide 33: Board of Directors
Board of Directors Yashovardhan Sinha Nishant Prabhakar Yosham Vardhan Sunita Sinha Chairman & Managing Director Whole Time Director Whole Time Director Non-Executive Director ✓Promoter, Chairman and ✓ Promoter and Whole-time ✓ Promoter and Whole-time ✓ Founder, Promoter and Non- Managing Director D
Slide 34: Independent Directors
Independent Directors ` Ravinder Zutshi Nusrat Syed Hassan Atul Sinha Apeksha Agiwal Rahul Kumar Independent Director Independent Director Independent Director Independent Director Independent Director ✓45+ years of experience in ✓Managing Director at ✓35+ years at UCO Bank in ✓Highly qualified ✓Qua
Slide 35: In-Store Photo Gallery
In-Store Photo Gallery 34
Slide 36: Thank You
Thank You For further information, please contact: Aditya Vision Ltd. Ms. Akanksha Arya-Company Secretary Tel: +91-612-2520854 Email: cs@adityavision.in www.adityavision.in Investor Relations Contact: Monali Jain – Sr. Research Analyst Tel: +91-8078675682 Email: monali@goindiaadvisors.com Sheetal Kh