Aditya Vision Q1- Strong Summer Sales Drive Topline, Entry In New Market Restrict Margin Expansion: Systematix

Systematix Research Report

Aditya Vision Ltd. reported results in line with our expectations. Revenue/ Ebitda/ adjusted profit after tax growth stood at 38.6%/ 34.5%/ 41.8% YoY respectively. Revenue growth stood strong during Q1 FY25 led by robust sales of compressor products; air conditioner growth stood at 56% YoY; non-compressor related products growth stood at 15%.

Same-store sales growth for the quarter stood at 21%. Ebitda margin contracted 29 basis points to 9.6% due to 48 bps rise in other expenses while employee cost declined 8 bps.

Adjusted PAT grew 41.8% YoY to Rs 531 million. Inventory level saw a reduction of Rs 660 million in Q1 FY25 to Rs 3.67 billion. Company added five stores during the quarter, taking the total store count to 150.

Continuing to dominate the Bihar market with 100 plus stores, the company is targeting to deepen presence in Jharkhand and strengthen presence in the markets of Central UP in FY25. In FY26, company plans to expand its store presence in Western UP, Madhya Pradesh and Chhattisgarh.

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