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Systematix Research Report
We met the management of Electronics Mart India Ltd. to better understand the business prospects of this recently-listed electronics retailer.
EMIL is a dominant player in the Rs 100 billion Andhra Pradesh and Telangana markets, and recently expanded into the Rs 220 billion Delhi/NCR market. Key positives in our view are-
clear focus on premium products and strong product depth with only top brands in various categories,
focuses on retailing top brands rather than adding private labels to avoid discounting and inventory issues,
simple and flat floor and corporate reporting structure, which enables cost controls, quick decision making and higher employee incentives,
clear dominance in two states with strong growth potential in the third, which is a much larger market,
enjoys superior store metrics than peers, led by higher realisations, higher bill sizes and superior product mix which drive higher store throughputs,
robust relationships with top brands in all electronics categories, and
strong growth visibility with stable margins and return ratios with reasonable valuations currently.
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