Aditya Vision Q4 Results Review - Strong Growth Trajectory Continues: Systematix

Systematix Research Report

Aditya Vision Ltd. reported better than expected revenue growth of 22.7% with Ebitda growth of 31.4% despite an extended winter. However, increase in finance cost, depreciation, and taxes on account of aggressive inventory buildup and new store addition dragged profitability.

Revenue growth was led by 6% same-store sales growth, 42% increase in store count and 36% increase in retail footprint. Ebitda margin expanded 67 bps to 10% due to lower operating expenses. Employee costs included Rs 15 million of ESOP costs.

Inventory increased by 10 days to 91 days as the company wanted to stock up ahead of the summer season which should benefit in the ongoing quarter where sales of compressor products is growing sharply.

After dominating the Bihar market with 100 plus stores, the company is targeting to deepen presence in Jharkhand and enter the markets of central Uttar Pradesh, Madhya Pradesh and Chhattisgarh starting FY25.

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