ADITA VISTON

ADITYA VISTON
Aditya Vision Limited
CIN:L32109BRI999PLco08783 1GSTIN 10AAECA08OIE1ZS
A 35E Listed Company 3tuftra faomu
September 28, 2022

BSE Limited
Phiroze Jeejeebhoy Towers
Dalal Street,
Mumbai-400 001

SCRIP Code: 540205

Sub:-Investor Presentation
Dear Sir(s)

With reference to the above

captioned subject, please find attached herewith Investor
Presentation.

This is for your information and record.

Thanking you
Yours faithfully

For Aditya Vision Limited

DOaly sged byaanksha aa

akanksh pseudonym-db3le2cBAABJE
3 postaCod S9bdoo

a arya

Akanksha Arya
(Company Secretary)

85+ +91-612-2520854
+91-612-2520674
headofico@[Link] [Link] M203 dtioor Aditya House
PatoG
 LARGEST MULTI BRAND CONSUMER
DURABLE & ELECTRONICS RETAILER
IN EASTERN INDIA
®

INVESTOR PRESENTATION
SEPTEMBER 2022
Investor Presentation 1
 01. BUSINESS OVERVIEW 02. INDUSTRY OVERVIEW
 About Us & Our 5 Principles
 Industry Outlook
 Our Journey
 Our Management  Penetration & Opportunity
 Aditya Vision at a Glance
 10 year growth journey
 Store Unit Economics At a Glance 03. PERFORMANCE HIGHLIGHTS
 Common size store economics
 Quarterly Financial Performance

INDEX
 Business Model
 Annual Income Statement
 Store Growth & SSG
 Annual Balance Sheet
 Revenue Seasonality
 Key Charts


Geographical Presence
Product Offerings
04. GLIMPSES & AWARDS
 Our Trade Partners
 Glimpses of our Stores
 Our Consumer Finance Partners
 Awards & Recognition
 Strengths & Opportunities
 Contact Us
 Moving from 79 to 150 Stores by 2025

Investor Presentation 2
 ABOUT US & OUR 5 PRINCIPLES
 Started as a small customer focused electronic retailer in Patna in 1999.
 Scaled from 1 store in 1999 to 88 stores today.
 We raised only Rs 5.8 crore through IPO in 2016 and our journey remains strong while focus remains on 5 key principles

5 KEY PRINCIPLES:
(1) Our customers want Best Range, Lowest Price, Fast Installation and Great After Sales Service
(2) Our Suppliers (Brands) want to sell products at Scale
(3) Our Business gets better at Size for our customers and our suppliers. With Size we get better pricing which we pass on to Customers and
create a relationship of a lifetime “Sambandh bharose ka”
(4) Our investors want Prudent Capital Allocation with Strong Corporate Governance & Growth
(5) Our focus on Technology and Customer focussed Team-Members will be Core Pillars to Achieve our Goals

Investor Presentation 3
 OUR JOURNEY

Incorporated under
Companies Act, 1956 as
Aditya Vision Private Initiated expansion Scaled up to 75
Limited & opened it’s first outside Patna into showrooms in
outlet situated at the other districts of almost all districts
most prominent location Bihar. of Bihar
at Bailey Road, Patna.

1999 2006 2014 2016 2021 2022

From 1999 to 2005 Aditya Vision got listed Started expansion in

operated with a single on the Bombay Stock Jharkhand and opened 11
store. In the year of Exchange (BSE). The new stores in Jharkhand.
2006, Aditya Vision first and the only
initiated expansion in consumer electronics 79 stores as on 31/03/22
Patna. retail company in India 88 stores as on 28/09/22
to be listed.

Investor Presentation 4
 CHAIRMAN & MANAGING DIRECTOR

Yashovardhan Sinha
Chairman & Managing Director

Qualifications: B.A. (HONS), Ranchi University

Work Experience: 39 Years
Prior Work Experience:
Punjab National Bank (19 Years)

He is an Associate Member of Indian Institute of

Bankers. He is responsible for the overall growth
and development of the Company and for taking
key decisions in consultation with the Team and
the Board of Directors

Investor Presentation 5
 ADITYA VISION AT A GLANCE
Patna, Bihar 88 10,000+
Products sold at our Outlets
Our headquarters and base of operations Total Outlets in Bihar + Jharkhand

50% Mkt share

In Bihar as per Crisil Credit Rating Report
4,000+Sq Ft
Average size of Stores
3.2 lac sq ft
Total Retail Footprint in FY22

Rs 23,600+ Zero 100% B2C

Sales
Average “Bill Cut” for FY22 Store closure since inception

2016 Rs 5.8 cr Rs 7.2 cr

Dividend declared for FY22
Year of IPO Funds raised in the IPO

Investor Presentation 6
 10 YR GROWTH JOURNEY
Revenue (Rs cr) Gross Margin (%) PBT Margin (%) (Pre Ind-AS)
1000 18.0% 6.0%
899 5.47%
900
797 16.0% 15.80%
800 748 5.0%
14.0% 4.41%
12.30%
700
564
12.0% 10.70% 4.0%
600
10.0% 8.60%
500 444 10.10% 3.0%
8.0% 6.64% 2.35%
400 362 6.57% 6.60%
6.0% 7.10% 2.0%
300 240 6.44% 6.59%
1.53%
179 4.0%
200 125 0.91% 0.84% 0.74%
0.93%
100 1.0%
69 2.0%
100 0.92% 0.94%
0.70%
0 0.0% 0.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Including VAT Excluding GST

Our Revenues have grown at a With Size our Gross Margins have Our PBT Margin has improved due to
CAGR of 29% for the improved keeping customer value scale up of revenue and gross
Last 10 years in focus. margin.

Investor Presentation 7
 STORE UNIT ECONOMICS AT A GLANCE

17%
Average SSG for 2018-22*
12-15%
Gross Margin
Rs 50 lacs
Average Capex per store

Rs 2.0 cr
Average Working Capital per Store
<6 month
Average Store Level Break Even
3 years
Payback Period

Rs.90+ lacs
Productivity Per Employee (with us for 12M+)
Rs.33,890
Revenue Per Sq Ft (Rs) for 12M+ stores
Rs.1,500+
Average PBT Per Sq Ft (Rs) for FY22**

*SSG – Lower due to VAT removal from revenue in FY18 and GST netted off from Revenue
**Average PBT Calculated on Opening + Closing Square Foot for FY22, Post IndAS
Investor Presentation 8
 COMMON SIZE STORE ECONOMICS
(% to Sales) FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 FY-2021* FY-2022*

Gross Margin (%) 6.6% 7.1% 8.6% 10.1% 10.7% 12.3% 15.8% …. Gross Margin has increased with scale

Employee Cost 1.8% 1.5% 2.6% 2.7% 2.7% 3.3% 3.2% …. Low store level employee cost

…. Average rent of Rs 2 lacs p.m. per store.

Rent 1.0% 1.1% 1.2% 1.3% 1.4% 2.6% 2.9%
Post IndAS reclassified as a different line item in P&L

Advertisement & Sales

0.3% 0.8% 0.9% 1.1% 1.3% 0.8% 0.9% …. Advertisement cost common to all stores across state
Performance

Electricity & Power Cost 0.7% 0.8% 0.8% 0.7% 0.7% 0.4% 0.7% …. Efficient power consumption

Misc Other Expenses 1.5% 1.5% 1.5% 1.4% 1.4% 0.6% 1.8% …. Control over miscellaneous expenses

Expenses as a % of …. Costs w.r.t. new store opening to rationalise with rising

5.3% 5.8% 7.0% 7.1% 7.5% 7.8% 9.5%
Revenue revenue contribution from new stores

Profit Before Tax 0.7% 0.7% 0.9% 1.5% 2.4% 3.7% 4.8% …. PBT Margin has improved with scale

* Revised as per IndAS

Investor Presentation 9
 BUSINESS MODEL
Store Formats
Presence
 Bihar- 77 stores  4000 Sq Ft Avg Store Size
Stores  Jharkhand- 11 stores  Online Store- [Link]
Sq Ft
Earnings from
higher sales re- Scale gets Customer Service
OEM Supply invested in lower prices
 Aditya Seva - Helpline customer
 Upfront payment growth service.
 Fast Moving Products  Loyalty Reward Program since
 Bulk Discount Benefits 2012. For CY22 prizes include a
More customer Lower prices flat each in Patna & Ranchi, 135
Worth Prizes
gets you higher gets more cars and 900 motorcycles.
Distributors/ C&F sales customers
Agents Target
 Payment is done on sales  Stores by FY25 ->
 Sale or Return basis  Focus on Hindi Heartland- areas
 Specific Seasonal goods (heaters, adjoining Bihar and Jharkhand.
Stores
coolers, etc.)

Investor Presentation 10
 STORE GROWTH & SSG
160 Total No. of Stores Store Sales Growth
140
2017-18 33.0
120 Store Opening CAGR - 2017 – 2022 - 33%
2018-19 17.0
100

80
2019-20 34.0
150
60 2020-21 *(13.0)

79 88
40
2021-22 14.5
64
20
38 43
19 28 AVERAGE** 17.1
0
FY17 FY18 FY19 FY20 FY21 FY22 FY23 (YTD)* FY25 Tgt
*As on 28 Sep 2022
** Average SSG – Lower due to
(1) VAT removal from revenue w.e.f. FY19. GST netted off from Revenue w.e.f FY19.
(2) FY21 & FY22 impacted due to Sars-Covid19
Investor Presentation 11
 REVENUE SEASONALITY (4 year avg.)

Quarterly Share of Revenue (%)

Peak Summer Season & Marriage Season
Q1 30% Strong Demand for Cooling Products
Major Stocking up prior to this quarter

Q2 18% Weaker Quarter owing to Monsoon + Shraadh months

Q3 28% Festive Season with attractive Brand Offers

Q4 24% Mix of marriage + Pre summer sales + End of the year sales by brands

Investor Presentation 12
 KEY CHARTS (1/2)
Gross Revenue from Operations (INR Cr) Net Cash Flow from Operations (INR Cr)
1200 70

60 57.64
1000

50
800
40 37.52
600
1,088.37 30
963.72 906.89
400
690.60 20
536.31
200 10 7.74
4.50 4.79
0 0
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 * FY22 *

EBITDA (INR Cr) & EBITDA Margin (%) PAT (INR Cr) & PAT Margin (%)
90.0 9.2% 10.0% 40.0 4.1% 4.5%
3.9%
80.0 9.0% 35.0 4.0%
70.0 7.1% 8.0% 3.3% 3.5%
30.0
60.0 7.0% 2.7% 3.0%
5.6% 7.4% 25.0
6.0%
50.0 2.5%
83.1
5.0% 20.0 1.8%
40.0 36.6 35.3 2.0%
3.0% 3.2% 66.2 4.0% 15.0
30.0 1.5%
53.4 3.0% 1.0% 24.7
20.0 1.6% 41.6 2.0%
10.0
0.6% 20.4 1.0%
10.0 25.2 5.0
14.0
17.0 1.0% 0.5%
7.0 2.8 5.8
0.0 0.0% 0.0 0.0%
FY18 FY19 FY20 FY21 FY21 FY22 FY22 FY18 FY19 FY20 FY21 FY21 FY22 FY22
Pre Ind-AS Post Ind-AS Pre Ind-AS Post Ind-AS
EBITDA EBITDA (%) PAT PAT (%)
Investor Presentation 13
 KEY CHARTS (2/2)
EPS (INR) Long Term Debt to Equity (x)
0.30
30
30.43 29.33 0.25
25
0.20
20
20.51
0.15
15 17.00 0.28
10 0.10
0.16 0.18 0.18
9.94
5 0.05 0.12
1.97 4.09
0 0.00
FY18 FY19 FY20 FY21 FY21 FY22 FY22 FY18 FY19 FY20 FY21 FY22
Pre Ind-AS Post Ind-AS

ROCE (%) ROE (%)

90 50
45
80
40
70
35
60
30
50
25
40 78.02 78.99 43.06 41.37 44.84
20
30 15
51.05 24.99
20 10
25.92 14.82
10 5
10.52 0
0
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
Investor Presentation 14
 GEOGRAPHICAL PRESENCE

11
Stores

Investor Presentation 15
 PRODUCT OFFERINGS
Category Share for FY22
12%

Mobile Phones Laptops Cameras 17% Refrigerators Geysers Air Conditioners

& Tablets

71%
Smart Watches Headphones Washing Machines Air Coolers
Home Appliances & Entertainment Soln Digital Gadgets Others

Televisions Home Theatre Speakers Cooktops Air Fryers Mixers Chimneys Electric Kettles Shavers Hair Dryers Trimmers

Soundbars Microwaves Hair Straightners

Water Purifiers Dishwashers

Investor Presentation 16
 OUR TRADE PARTNERS

Investor Presentation 17
 OUR CONSUMER FINANCE PARTNERS

~30%
Sales Financed

Investor Presentation 18
 STRENGTHS & OPPORTUNITIES
 Market leadership in Bihar (50% as per a recent Crisil report).
 Diversified product portfolio at best price.
 Strong regional presence.

STRENGTHS
 Best in class customer & after sales service.
 Strong brand association.
 Brilliant logistics capability.
 Higher margins as compared to smaller retailers.
 Asset light business.
 Efficient inventory management and high cash reserves.

 High opportunities in underpenetrated markets.

 Changing consumer behavior with improved power supply in the states.
 Growing demand in Tier 2 and Tier 3 cities.

OPPORTUNITIES 

Rising disposable income attracting aspirational products.
Increasing brand consciousness: Rising income levels, education and
global exposure have contributed to the evolution of the middle class.
 Easy availability of finance and flexible payment options.
 Rapidly changing technology spurring replacement demand.
 Aggressive customer offers by brands.
Investor Presentation 19
 MOVING FROM 79 STORES TO 150 STORES BY FY25
 Setup stores based on a “Creeping Cluster Approach” and strong market intelligence.
 Business is ready to scale beyond Bihar & Jharkhand to adjoining states in the “Hindi Heartland” over the next 3-5 years.
 “Zero” store closure since Inception.
 Prudent Capital Allocation as we scale into newer geographies. YEAR STATE
2022-2023 JHARKHAND
 Reinvest our Cash Flows at High ROIC to target the large opportunity in the Hindi heartland. 2023-2024 UTTAR PRADESH
2023-2024 CHATTISGARH
 Clear shift from unorganised players to organised customer focussed players like us.
2024-2025 MADHYA PRADESH
 Increase further penetration in Bihar in sub-districts / sub-divisions. WEST BENGAL

 Expand regional footprint by moving into adjoining states of Uttar Pradesh, Chhatisgarh, Madhya Pradesh and West Bengal.
 Focus on scaling up mid and premium priced categories thereby improving per store economics.
 Targeting to grow at +25% CAGR over the next 3 – 5 years.

Investor Presentation 20
 INDUSTRY OVERVIEW

Investor Presentation 21
 INDUSTRY OUTLOOK
Annual GDP Growth Rate Market Penetration
Refrigerators

38% 10% 13.8%

Households in INDIA Households in BIHAR Households in JHARKHAND
own refrigerators own refrigerators own refrigerators

7.4%
8.1%
8.7%
Air-conditioners/Coolers
7.0%

24% 5.6% 7.6%

5.7%

2.8% Households in INDIA Households in BIHAR Households in JHARKHAND

1.6% own AC/cooler own AC/cooler own AC/cooler

Japan Germany France USA UK China India

Investor Presentation 22
 PENETRATION & OPPORTUNITY

Our Focus Our Focus

Investor Presentation 23
 PERFORMANCE
HIGHLIGHTS

Investor Presentation 24
 QUARTERLY FINANCIAL PERFORMANCE
Pre Ind-AS Post Ind-AS

Particulars (Rs crore) Q1FY23 Q4FY22 Q1FY22 YoY% QoQ% Q1FY23 Q4FY22 Q1FY22 YoY% QoQ%

Revenue from Operations 438.51 260.48 193.58 126.5% 68.3% 438.51 260.48 193.57 126.5% 68.3%

Total Expenditure 400.08 239.09 178.05 124.7% 67.3% 393.49 231.89 178.05 121.0% 69.7%

EBITDA 38.43 21.39 15.53 147.5% 79.7% 45.02 28.59 15.52 190.1% 57.5%

EBITDA Margin (%) 8.8% 8.2% 8.0% 74 bps 55 bps 10.3% 11.0% 8.0% 225 bps -71 bps

Other Income 0.35 0.46 0.2 75.0% -23.9% 0.35 0.62 0.20 75.0% -43.5%

Depreciation 1.00 1.77 0.64 56.3% -43.5% 4.47 4.88 3.76 18.9% -8.4%

Profit Before Interest & Tax 37.78 20.08 15.09 150.4% 88.1% 40.90 24.33 11.96 242.0% 68.1%

Interest 4.01 7.55 2.71 48.0% -46.9% 7.37 18.13 2.71 172.0% -59.3%

Profit Before Tax 33.77 12.53 12.38 172.8% 169.5% 33.53 6.20 9.25 262.5% 440.8%

Tax 7.04 4.05 2.54 177.2% 73.8% 7.04 -2.01 2.54 177.2% -450.2%

Net Profit 26.73 8.48 9.83 171.7% 215.2% 26.49 8.21 6.71 294.8% 222.7%

PAT Margin (%) 6.1% 3.3% 5.1% 101 bps 284 bps 6.0% 3.2% 3.5% 257 bps 289 bps

Earnings Per Share (Rs) 22.22 7.05 8.17 171.7% 215.2% 22.22 6.82 5.58 298.2% 225.8%

Investor Presentation 25
 ANNUAL INCOME STATEMENT
FY21 FY22 FY21 FY22
Particulars (Rs crore) FY18 FY19 FY20
(Pre IndAS) (Pre IndAS) (Post IndAS) (Post IndAS)

Net Revenue from Operations 443.94 563.65 796.98 748.00 899.11 748.00 899.11

Total Expenditure 436.90 546.64 771.77 706.39 832.87 694.62 816.05

EBITDA 7.05 17.02 25.21 41.61 66.24 53.37 83.06

EBITDA Margin (%) 1.6% 3.0% 3.2% 5.6% 7.4% 7.1% 9.2%

Other Income 0.65 0.39 9.13 1.70 1.30 3.77 1.46

Depreciation 1.33 1.55 2.01 2.28 3.59 12.82 16.06

Profit Before Interest & Tax 6.36 15.86 32.33 41.03 63.95 44.32 68.46

Interest 2.22 7.22 13.59 8.05 14.74 17.01 25.32

Profit Before Tax 4.14 8.64 18.74 32.98 49.21 27.31 43.14

Tax 1.35 2.87 4.72 8.30 12.60 6.88 7.86

Net Profit 2.79 5.77 14.02 24.68 36.61 20.43 35.28

PAT Margin (%) 0.6% 1.0% 1.8% 3.3% 4.1% 2.7% 3.9%

Earnings Per Share (INR) 1.97 4.09 9.94 20.51 30.43 16.98 29.33

Investor Presentation 26
 ANNUAL BALANCE SHEET
Particulars (Rs Crore) 31 March 2022 31 March 2021 Particulars (Rs crore) 31 March 2022 31 March 2021
Equity and Liabilities Assets
Equity
Non-Current Assets
(a) Equity Share Capital 12.03 12.03
Property, plant and equipment 39.12 24.65
(b) Other Equity 66.66 37.39
Total Equity 78.69 49.42 Investment Property - -
Goodwill - -
Liabilities
Other Intangible Assets 111.22 105.40
Non-current Liabilities
Financial Assets
Financial Liabilities
- Investments 0.13 0.13
- Borrowings 13.78 8.74
- Lease Liability 117.64 107.65 Other Non-Current Assets 1.85 1.84
Deferred Tax Liabilities (5.81) (1.34) Total Non-Current Assets 152.32 132.02
Total Non-Current Liabilities 125.61 115.05
Current Assets
Current Liabilities (a) Inventories 210.12 196.61
Financial Liabilities
(b) Financial Assets
- Borrowings 100.91 75.46
-Trade receivables 0.39 0.37
- Lease Liability 7.70 5.89
- Cash and cash equivalents 28.71 22.25
- Trade payables 99.35 133.35
Other Current Liabilities 2.46 2.74 - Other financial assets 8.78 0.72
Current Tax Liabilities 12.34 8.18 (c) Other current assets 26.74 38.12
Total Current Liabilities 222.76 225.62 Total Current Assets 274.74 258.08

Total Equity and Liabilities 427.06 390.09 Total Assets 427.06 390.09

Investor Presentation 27
 GLIMPSE OF OUR STORES

Investor Presentation 28
 GLIMPSE OF OUR STORES

Investor Presentation 29
 AWARDS & RECOGNITIONS

Investor Presentation 30
 Get in touch with us:

Aditya Vision Ltd.

Ms. Akanksha Arya-Company Secretary
Tel: +91-612-2520854 | Email: cs@[Link]
[Link]

KAPTIFY Consulting
Strategy & Investor Relations Consulting
Tel: +91-845 288 6099 | Email: contact@[Link]
[Link]

Investor Presentation 31