extracted_text_adivis.txt

R 
R Aditya  Vision  Limited  R 
R 
R 
R Aditya  Vision  Limited  R 
R  
 
 
 
 
 
 
 
 
Date - July 2 9, 202 4 
 
BSE Limited  
Phiroze Jeejeebhoy Towers  
Dalal Street  
Mumbai -400 001  
 
SCRIP Code: 540205  
 
 Sub: -  Submission of Investor Presentation  
 
Dear Sir(s)  
  
With reference to the above captioned subject, please find attached herewith Investor 
Presentation for the quarter ended June 30, 202 4. 
 
This is for your information and record.  
 
Thanking you  
 
Yours faithfully  
 
For Aditya Vision  Limited  
 
 
 
 
Akanksha  Arya  
Company Secretary  
 
 
 
 
 
150+STORE 
AKANKSHA 
ARYADigitally signed by 
AKANKSHA ARYA Date: 2024.07.29 15:28:14 +05'30'
25 Years: A legacy of Promise, 
Performance & Progress
Investor Presentation
July 2024

Disclaimer
2This presentation  and the accompanying  slides  (the “Presentation”),  have  been  prepared  by Aditya  Vision  Limited  (the 
“Company”)  solely  for information  purposes  and do not constitute  any offer,  recommendation,  or invitation  to purchase  or 
subscribe  for any securities  and shall  not form  the basis  or be relied  on in connection  with any contract  or binding  commitment  
whatsoever . No offering  of securities  of the Company  will be made  except  by means  of a statutory  offering  document  
containing  detailed  information  about  the Company .
Certain statements inthis presentation concerning ourfuture growth prospects areforward -looking statements that involve a
number ofrisks and uncertainties that could cause actual results todiffer materially from those insuch forward -looking
statements .The Risk and uncertainties relating tothe statements include but are not limited to,risks and uncertainties
regarding fiscal policy, competition, inflationary pressures, climate and general economic conditions affecting demand/supply
and price conditions indomestic and international markets .The Company does notundertake toupdate any forward -looking
statement that may bemade from time totime byoronbehalf oftheCompany .
This Presentation  has been  prepared  by the Company  based  on information  and data  which  the Company  considers  reliable . 
This Presentation  may  not be all-inclusive  and may  not contain  all of the information  that you may  consider  material . Any 
liability  in respect  of the contents  of, or any omission  from,  this Presentation  is expressly  excluded . The Company  does  not 
make  any promise  to update/provide  such  a presentation  along  with results  to be declared  in the coming  quarters  and years .
Table of Contents
Q1FY25 Highlights
Business Overview
Historical Performance
Industry Overview
Appendix4-10
13-23
24-26
27-32
33-43
Q4FY24 Earnings Presentation 3
4
Q1FY25 FINANCIAL
HIGHLIGHTS

Mr Yashovardhan  Sinha 
Chairman and Managing Director In Q1, Aditya  Vision  has demonstrated  exceptional  performance,  
achieving  a remarkable  increase  in revenue  and operational  efficiency . 
Our strategic  investments  in expanding  footprint  and focus  on customer  
satisfaction  are driving  strong  financial  performance,  positioning  us for 
continued  success  for the full year”
Q1FY25: PAT Growth Surpasses Revenue Growth 
Summer season in Q1 resulted in revenue growth of 39% YoY; AC growth 56% Opened five new Stores, Store count touched 150
Reduction in Inventories by Rs 66cr
01
02
03
04Profit growth of 42%  surpasses revenue growth of 39%
5
6Q1FY25 Financial Performance
(Rs. in Cr) Q1FY256385
Q1FY24 Q1FY25EBITDA
35%
9.9% 9.6%PBT
49 72 
Q1FY24 Q1FY2547%
7.7% 8.1%PAT
42%
37 53 
Q1FY24 Q1FY25
5.8% 6.0%641889 
Q1FY24 Q1FY25Revenue
39%
Margins 
7Q1FY25 Financial Performance
Particulars (Rs in Cr) Q1FY25 Q1FY24 YoY% Q4FY24 QoQ%
Revenue from Operations 888.8 641.2 39% 375.7 137%
Total Expenditure 803.7 577.9 39% 338.0 138%
EBITDA 85.1 63.3 34% 37.7 126%
EBITDA Margin % 9.6% 9.9% -- 10.0% --
Depreciation 8.2 6.3 9% 7.5 9%
Profit Before Interest & Tax 76.9 57.0 35% 30.2 155%
Interest 6.8 9.0 -24% 15.9 -57%
Other Income 1.7 1.37 24% 1.8 -6%
Profit Before Tax 71.8 49.3 46% 16.1 346%
Tax 18.8 11.9 58% 8.2 129%
Net Profit 53.0 37.4 42% 7.9 571%
PAT Margin (%) 6.0% 5.8% -- 2.1% --
Diluted Earnings Per Share (Rs) 41.07 31.11 -- 5.64 %
8FY24 Snapshot
Celebrating 25 years
Declared an interim dividend of Rs. 5.10 per 
share on the completion of 25 years of 
operations100+ Stores in Bihar
Strong Brand Patronage – Crossed 100 
stores in Bihar
Fund Raise from Marquee Investor
Successfully raised growth capital from 
one of the World’s largest FII – Capital 
GroupStarted expanding in UP in Q4FY23; now 
present in 14 districtsStrong Inroads in UP in a short span 2x Topline in 2 years
Nearly doubled its topline in just 2 years
Inclusive Growth
Widely awarded ESOP to employees from 
cashiers & storekeepers to senior 
management team
Revenue 
exceeded the 
Guidance, up 32% 
YoY
PAT grew by 20% in 
FY24 as compared 
to FY23
FY24 ASP up 1.6x 
FY20 ASP; 
underlining 
premiumization trend
Opened 1.5x more 
stores compared to 
FY23, with 40 new 
stores in FY24
Key Highlights... 
9Targeting to grow at 20 -25% Revenue CAGR over the next 3 – 5 years
Progressing towards Central UP from Eastern UP . Business is ready to scale beyond Bihar, Jharkhand & 
Uttar Pradesh to adjoining states in the “Hindi Heartland” over the next 3 -5 years based on “Creeping 
Cluster Approach” 
Reinvest our Growth Capital raised and cashflows at a High ROIC to target the large opportunity in the 
Hindi heartland
Focus on scaling up mid and premium -priced categories thereby improving per -store economicsRoadmap Ahead

10
BUSINESS OVERVIEW

Aditya Vision at a Glance
11Patna 
Headquarters
150
Showrooms 
As on 30th June
4,000+ 
Avg store size
6,17,800
Sq Ft
Retail footprint as 
of Q1FY25Largest Electronic 
Retailer
in Jharkhand10,000+
Products sold at our 
Outlets100% Retail
Sales
100+
Long Term Relationships 
with OEMsRs 282 cr
First fund raise after IPO in FY24. 
Rs.5.8 crore raised during IPO1st Consumer 
Electronics Retailer
To be listed50%+ Mkt Share
In Bihar as per Crisil Report
2016
Listed on BSE 
Mobile 
Phones & 
Tablets
 Cameras
Home 
Theatres
 Televisions
 Soundbars
 Cooktops
 Chimneys
 Microwaves
 Refrigerators
Washing 
Machines
Air 
Conditioners
25 years of Aditya Vision – Sambandh  Bharose  ka
12
8 years Revenue CAGR – 28% *150 Stores as on 30th June240362444564797 7488991,3221,743
114192838436479105145
1999 2016 2017 2018 2019 2020 2021 2022 2023 2024
Revenue (Cr.) Store Count
1999: 
Established  1st  
store in  Patna, 
Bihar*
2014: Initiated 
Expansion 
outside Patna
2016: 1st Consumer Electronics Company to be listed 
on Exchange
2019: Revenues INR 500+ Cr 
2021: Established Market Dominance 
in Bihar - 50%+ Market Share 
2022: Started expanding in Jharkhand
2023: Started expanding in UP ; 
Became the largest organized player in Jharkhand in one year 
2024: First fund raise after IPO from the one of the World’s largest FII – Capital Group
Opened 18 stores in UP in one year
 Crossed 100 stores in Bihar 
Inception to IPO Scaling Up in Bihar Accelerating Growth Trajectory
13Our 5 Driving Principles
Customer -centric  
approach  based on 
providing Best 
Range, Lowest Price, 
Fast Installation and 
Great After Sales 
ServiceLarge Supplier 
base (Brands) 
selling their 
products at ScaleScaling up business 
to pass on better 
prices to customers 
and create a 
relationship of a 
lifetime “Sambandh  
bharose  ka”Prudent Capital 
Allocation with 
Strong Corporate 
Governance & 
Growth for all 
StakeholdersBuilding a people -
centric culture within 
a technology -driven 
business, supported 
by Customer -centric 
Approach .

Unique Business Model 
14
OEM Supply Customer 
Service 
Strong Financial 
ManagementExpanding
FootprintOEM Supply
▪ 85% Direct OEM Supply leading 
to higher margins
▪ 15% Distributors/C&F Agents
▪ Long -term relationships with 
100+ brands
▪ No private labelsCustomer Service
▪ Aditya Seva - One -stop solution for 
after -sales services. 
▪ Aditya Suraksha – Allows customers to 
enjoy an extended warranty
▪ Customer Loyalty Reward Program – 
Buy & Win since 2012
Strong Financial Management
▪ Net debt free balance sheet
▪ Operates on a cash -and-carry 
model
▪ Efficient inventory management 
and high cash reserves▪ Bihar – 105 stores
▪ Jharkhand – 25 stores
▪ Uttar Pradesh – 20 storesExpanding Footprint
Store Unit Economics At A Glance
15Rs 60 -70 lacs
Average Capex per Store
---------------------------------------------------150 (as on 30th June)
Outlets in Bihar + Jharkhand + UP
-----------------------------------------------13-15%
Gross Margin Range
-----------------------------------------
Rs 2.25 – 2.50 cr 
Average Working Capital per Store
-----------------------------------------------6 - 8 months
Average Store Level Break Even
--------------------------------------------3 years
Payback Period
--------------------------------------
Rs 1.20+ cr (in FY24)
Productivity Per Employee
-----------------------------------------------Rs 45,000+
Revenue Per Sq Ft for FY24*
--------------------------------------------Rs ~2,100
Average PBT per Sq Ft for FY24**
------------------------------------------
**PBT is Calculated on Average of Opening & Closing Square Feet for FY24
*For calculation of revenue per square feet, we have considered net revenue of stores operational for atleast  12 months as of March 31, 2024.
Business Economics
16(% of Sales) FY20 FY21 FY22 FY23 FY24
Gross Margin (%) 11% 12% 16% 16% 16%
Employee Cost 3% 3% 3% 3% 3%
Rent* 1% 2% 2% 2% 2%
Advertisement & Publicity 1% 1% 1% 1% 1%
Hospitality 0.1% 0.1% 0.5% 0.4% 0.3%
Electricity & Power Cost 1% 0% 1% 1% 1%
Misc  Other Expenses 1% 1% 1% 1% 1%
Expenses as a % of Revenue 8% 7% 9% 8% 8%Gross Margin has increased with scale
Low store -level employee cost
Average rent of Rs 2 – 2.25 lacs p.m/store. 
Advertisement cost common to all stores across states
Control over miscellaneous expensesEfficient power consumptionHospitality costs incurred for the launch of stores & 
customer loyalty programs
*This represents actual rent paid by the company
17Strategic Focus on Hindi Heartland Region
Zero Store Closure since Inception
Present StatesV
UTTAR PRADESH - 20 STORES
(14 Districts Covered out of 75 Districts )JHARKHAND - 25 STORES
(20 Districts Covered out of 24 Districts )BIHAR - 105 STORES
(Present in all 38 districts ) People living in Bihar, Jharkhand & UP 
constitute 30% of India’s Population
•Estimated Population of Bihar: 13 crores
•Estimated Population of UP: 24 Crores
•Estimated Population of Jharkhand: 4 Crores
VV
Revenue Seasonality of the Business
18Peak Summer Season + Marriage Season + Strong 
Demand for Cooling Products + Major Stocking up prior 
to this quarter
22%24%19%35%
Q4Q3Q2Q1Quarterly Share of Revenue(%)
Weaker Quarter owing to Monsoon + Shraadh  months
Festive Season with attractive Brand Offers
Marriage Season + Pre summer sales + End of year sales 
by brands
*Average of FY23 & FY24
19
HISTORICAL 
PERFORMANCE

20Historical Financial Highlights
1.21.5
1.4
0
FY21 FY22 FY23 FY24Net Debt to EBITDA (x)
1.31.6
1.4
0
FY21 FY22 FY23 FY24Net Debt to Equity (x)
(Rs. in Cr)CAGR – 57% 
20356477
FY21 FY22 FY23 FY24PAT
2.7% 3.9% 4.9% 4.4% Margins 7488991,3221,743
FY21 FY22 FY23 FY24Revenue
CAGR: 33% 
5383133167
FY21 FY22 FY23 FY24EBITDA 
7.1% 9.2% 10.1% 9.6%CAGR: 47% 
21Historical Financials and Operational Performance
250320433588
FY21 FY22 FY23 FY2418,813 20,173 21,156 22,150 
FY21 FY22 FY23 FY24Retail Footprint ( Sq ft in 000)Average Selling Price (Rs .)
376429617787 
FY21 FY22 FY23 FY24Bill Cuts (000 in Nos.)
**FY21 & FY22 were Pandemic years106988391 87
45
17 1319536677
FY21 FY22 FY23 FY24
Inventory Days Payables Days WC DaysWorking Capital Days* 
*Receivable Days are less than 0 since the Company has negligible Trade Receivables
**Payables & Inventory Days is calculated based on Purchases and Cost of Goods Sold respectively
CAGR: 33% CAGR: 28% CAGR: 6% 
48%
29%
24%28%24%43%46%55%60%
25%
2020 2021 2022 2023 2024**ROCE & ROE* (%)
ROCE
ROE
This has translated into Superior  Shareholder’s WealthFocussed on Growth 
High Growth Trajectory while maintaining Return Ratios
2210.7%12.3%15.8% 16.0% 16.0%
2020 2021 2022 2023 2024Gross Margin %
With Size, our Gross Margins have improved keeping 
customer value in focus.
1.8%2.7%3.9%4.9%4.4%
2020 2021 2022 2023 2024PAT Margin % 
Our PAT Margin has improved due to improvement in 
gross margin and operating leverage
*FY21 onwards is Post IndAS**ROE has come down due to Growth Capital raised in FY24
23
Industry Overview

Powering India's Retail Surge: Driving Consumer 
Spending Growth 
Shift in Consumption Pattern towards Non -Food Categories
% share of monthly per capita consumption exp
4.9%5.6%6.9% 7.2%
Rural Urban2011-12
2022-23200 bps
✓ National Sample Survey recently 
released Household Consumption 
Expenditure Survey 2023 highlighting 
increased spending towards consumer 
durables 
✓ Increasing financing options and no cost 
EMIs helping to boost consumption✓ Rising temperatures to have a 
significant impact on the growth 
of the consumer durables 
market, particularly the room Acs 
and Refrigerators 
✓ Increasing smart appliances 
adoption in youths and urban 
areas supporting premiumization160 bpsResulting in increased spending on consumer durables
Source: F&S, CRISIL Research, MoSPI2.1 2.43.13.65.1
FY17 FY21 FY22 FY23P FY27PConsumer Durables Market Growth (Rs Trn)
CAGR 8%CAGR 
11-15%
27%
22%
15%14%
13%
6%3%
APAC China Europe Middle East
& AfricaNorth
AmericaLATAM IndiaGlobal Consumer Durables Market Penetration (CY22 - Market Size – $555 bn)
India stands at only 3% as compared to Global Penetration
2447%57%54%61%
Rural Urban
Axis Title2011-12
2022-23400bps700ps
25
✓ Premium products are  
associated with quality, 
and physical stores help 
enhancing the 
perception of a brand by 
providing a tangible, 
luxurious environment✓ Personalized and 
high -touch 
customer 
experience that 
brick -and-mortar 
stores excel at 
providing✓ Good after sale 
service plays a 
major role while 
buying a high ticket 
itemPenetration in India (%)Low Penetration and Rising premiumization is in 
favor for AVL
Source:  CRISIL Research, Technopak reportFrost Free Refrigerators (More than 270 L)
48%53% -55%
FY17 FY22Demand for Fully Automated 
WMs continuously rising 
43%38%57%62%Semi Fully
FY22 FY17
Share of Bigger Size TV Increasing
FY17 FY22Share of Split ACs is on a rise
27%19%73%81%Window Split
FY22 FY17
85%78%15%22%<32" >32"60%
35%
10%8%6%
Television Refrigerator Washing
MachineAC Water Purifier
26Market Penetration & Opportunity in Hindi Heartland
Source: www.statsofindia.in   , Business Standard
27Source: Central Electricity Authority, MoSPIElectricity  Consumption Growth In Hindi Heartland Sates vs Other States has grown 
by 2x
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
Bihar Jharkhand Uttar Pradesh Maharashtra Gujarat~2.1x
~1.7x
~1.6x
~1.4x
~1.3x211%
171%
164%
139%
130%
100%
*The starting point for all the states has been indexed to100%
28Hindi Heartland – Engine for Aditya Vision’s 
Sustainable Growth 
UP’s High Aspirations: 
oTargeting to reach $1 trillion economy by 2027.
oSteadily moving from Agri -focused state to Manufacturing hub
o4th largest contributor to GST collections - Overtook Tamil 
Nadu by recording a 19% rise in tax revenues in April’24
oInstalled power capacity doubled to 29GW (FY14 -22); 
electricity consumption rose >50% to 143bn units (FY15 -23).
UTTAR 
PRADESHIndia’s 3rd largest 
economy - 8% 
contribution to 
National GDP
.Ranked 7th in the 
total credit 
outstanding in FY23 
vs 12th  in FY17Breached $1000 
GDP per capita 
mark in FY24
Big positive for serval sectors 
including Consumer Durables 
IndustryRanked 11th in 
India in terms of FDI 
inflows
Source: Annual Report, Industry Data
Jharkhand’s  per capita  income  
increased  from  Rs 71,071 in 2020 -
21 to Rs 78,660 in 2021 -22.
Attractive economics of Bihar and Jharkhand
Bihar  is 9% of India’s  Population  at 
13.07cr; second  largest  in India  
population  wiseIn the recent  Union  Budget,  govt  
announced  Rs 58,900cr allocation  for 
Bihar’s  development  focusing  on 
infrastructure  
Bihar’s  per capita  income  increased  
to Rs 54,383 during  2022 -23  from  
Rs 47,770 in 2021 -22
29Shift from Unorganised  to Organised : 
Aditya Vision is well Positioned to benefit
✓ Established 
reputation and 
reliability influence 
customers 
preferences✓ Deeper and Strong 
relations with OEMs 
ensures low cost 
purchasing and 
higher margins ✓ Diverse and 
latest Product 
offering ensures 
strong footfallRapid Shift from Overall Un -Organised to Organised sector in Indian 
Consumer’s Durable Industry
49%58%77%51%42%23%Organised Unorganised
FY27P FY16 FY21
FY22 FY27P
Source: CRISIL Research3.105.10
1.673.57Overall Consumer Electronics Industry Organised ShareOrganised Sector to Grow Faster than Overall Consumer Electronics Retail Industry 
(Rs Trn)

30
APPENDIX

31
Our Trade Partners Our Consumer Finance Partners
~41% Sales Financed in FY24
32Board of Directors
Yashovardhan  Sinha
Chairman & Managing Director
✓Promoter,  Chairman  and 
Managing  Director
✓Has a wealth  of experience  in 
Consumer  Electronics  Retail  and 
Banking . 
✓Responsible  for the overall  
growth  and advancement  of the 
venture  as well as key decisions
✓Member  of the Board  since  31st 
March  2009  and Managing  
Director  since  16th May  2016 .
Nishant Prabhakar
Whole Time Director
✓Promoter  and Whole -time  
Director  with  19+ years  of 
experience  in Consumer  
Electronics  Retail . 
✓Responsible  for operations  of 
the Company  and expanding  the 
consumer  electronics  product  
base .
✓Board  Member  since  1st April  
2005  and Whole  Time  Director  
since  22nd September  2016 .
Yosham Vardhan
Whole Time Director 
✓Promoter  and Whole -time  
Director
✓Responsible  for developing  and 
executing  the company’s  business  
strategy  as well as Investor  
Relations  
✓9+ years  of experience  as a cross  
border  lawyer  in leading  law firms  
advising  on Mergers  & Acquisitions  
and Private  Equity  transactions
Sunita Sinha
Non -Executive Director
✓ Founder,  Promoter  and Non -
Executive  Director
✓ Responsible  for day to day 
operations  and managing  
customer  relationship
✓ Member  of the Board  since  
incorporation  of the Company
33Independent Directors
Atul Sinha
Independent Director
✓35+ years  at UCO  Bank  in 
various  capacities  including  
General  Manager  and various  
other  capacities  across  the 
country
✓Worked  as Chief  Vigilance  
Officer  for National  Housing  
Bank,  IFCI Ltd. & Oriental  
Bank  of Commerce
Rahul Kumar
Independent Director
✓Qualified  professional  
having  CS and LLB degrees  
✓Advise  management  on 
corporate   issues  with  respect  
to the Companies  Act, SEBI  
(LODR),  SEBI  (SAST),  and 
Foreign  Exchange  
Management  Act
`
Nusrat Syed Hassan
Independent Director
✓Managing  Director  at 
Dentons  Link Legal,  leading  
international  law firm
✓3 decades  of experience  as 
a practicing  Corporate  
Lawyer  in Cross-border  
transactions  and Dispute  
Resolution
Ravinder Zutshi
Independent Director
✓45+ years  of experience  in 
the Indian  Consumer  
Durables  and Electronics  
Industry . 
✓Worked  with  LG Electronics  
India  Pvt. Ltd. & with  Havells  
India  Limited ; Superannuated  
after  19 yrs from  Samsung  
India  Pvt Ltd
Apeksha  Agiwal
Independent Director
✓Highly  qualified  
professional  & Member  of the 
ICAI  ; Is in whole  time  practice  
at Agiwal  & Company  since  
2014
✓Works  in corporate  and 
non-corporate  Direct  & 
Indirect  Tax, Financial  
Management  & Bank  Audits
In-Store Photo Gallery
34

35Thank You
For further information, please get in touch with:
Aditya Vision Ltd.
Ms. Akanksha Arya -Company Secretary
Tel: +91 -612-2520854 | 
Email: cs@adityavision.in      
www.adityavision.in
Investor Relations Contact: 
Monali Jain – Research Analyst
Tel: +91 -8078675682
Email: monali@goindiaadvisors.com  
Sheetal Khanduja – Head, Strategy & IR
Tel: +91 -976-9364166
Email: sheetal@goindiaadvisors.com
www.goindiaadvisors.com