Specialty Retail company Aditya Vision announced Q1FY24 results:
- Operational Revenue increased by 46.23% YoY to Rs 641.23 crore compared to Rs 438.51 crore in Q1FY23.
- PAT increased by 41.26% YoY to Rs 37.42 crore compared to Rs 26.49 crore in Q1FY23
Commenting on the performance for Q1FY24, Yashovardhan Sinha, Chairman and Managing Director of Aditya Vision, said: "We are thrilled to announce this exceptional growth in revenues and profits, which are a testament to the hard work and dedication of our team, unwavering support from our suppliers as well as the loyalty of our valued customers. Inspite of unseasonal rains affecting the peak summer season, we were able to achieve this remarkable growth. Due to weak summer, footfalls were impacted in April and May. However, with weather being supportive, the business recorded a strong recovery in the month of June.
During the quarter, the Company continued its momentum in store expansion and opened 12 new showrooms out of which 5 were in Bihar, 2 in Jharkhand and 5 in Uttar Pradesh. The total store count as of today stands at 117 stores. We are at a stage of hyper scaling where our Company has opened 24 showrooms in the last 6 months. Keeping up with this momentum, we now aim to open 8-12 more new stores in the next 3 months before festive season, surpassing our initial target of 125 stores in FY24.
We are the largest electronic retailer in Bihar and whilst we entered Jharkhand in FY2022, we have already become the largest electronic retailer in Jharkhand. In March 2023, we expanded our operations in Uttar Pradesh and received an overwhelmingly positive response from our customers. We are focused on establishing our presence in UP. We perceive a significant opportunity in the under-penetrated markets of Hindi Heartland for consumer durables & electronics. My team and I are strongly committed to ensuring that we generate value for our customers, investors, suppliers, employees, and all other stakeholders.
Lastly, as a retail company specializing in consumer electronics, we remain unwavering in our dedication to delivering innovative products, outstanding customer experiences, and consistent growth. We are enthused about the future and have full confidence in our ability to set new benchmarks."