Vishal Mega Mart Limited has informed the Exchange about Investor Presentation
VISHAL MEGA MART LIMITED (Formerly known as Vishal Mega Mart Private Limited) Corporate & Regd. Office: 5th Floor, Platinum Tower, Plot No. 184 Udyog Vihar, Phase – 1, Gurugram, Haryana-122016, India. Phone: +91-124-4980000 Fax: +91-124-4980001 Email: secretarial@vishalwholesale.co.in, Website: www.aboutvishal.com
Date: April 29, 2025
CIN: L51909HR2018PLC073282
National Stock Exchange of India Ltd., To
BSE Limited To
Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 NSE Scrip Symbol: VMM
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400001 Scrip Code: 544307
Dear Sir/ Madam, Subject:
Earnings Presentation on the Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and year ended March 31, 2025
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Earnings Presentation on the Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and year ended March 31, 2025.
The Earnings Presentation is also being disseminated on the Company’s website at https://aboutvishal.com/.
You are kindly requested to take the same on record.
Thanking you.
Vishal Mega Mart Limited
For
Rahul Luthra _______________________ Company Secretary & Compliance Officer Membership No: F9588
Vishal Mega Mart Limited Performance Highlights
Gonikoppa, Karnataka
Q4FY25 and FY25
Financial Highlights
Revenue from Operations1 & Revenue Contribution (%)
Apparel
General Merchandise
FMCG
5 2 Y F 4 Q
20,689
8,352
6,092
6,163
40%
29%
30%
25,479
10,566
7,332
7,507
41%
29%
29%
Gross Profit & Margin %
Adjusted EBITDA3 & Margin %
Adjusted PAT4 & Margin %
(₹m)
7,201
5,470
2,081
1,198
610
1,281
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
Q4FY24
Q4FY25
SSSG 2 -
13.7%
Margin -
26.4%
28.3%
5.8%
8.2%
2.9%
5.0%
Apparel
General Merchandise
FMCG
5 2 Y F
44%
29%
89,119
39,013
25,433
107,163
47,047
44%
24,659
30,222
28%
27%
24,473
29,738
28%
FY24
FY25
FY24
SSSG 2 -
12.3%
Margin -
27.7% 53.0%
FY25
28.5% 52.7%
30,527
10,333
7,448
FY24
8.4% 26.9%
FY25
9.6% 26.9%
6,761
FY25
6.3%
4,645
FY24
5.2%
Notes: Figures have been rounded to the nearest integer or one decimal place. 1. Revenue from operations; includes other operating income (not shown separately on the chart). Percentage figures in chart represent sales contribution to revenue from each category. 2. SSSG here is Adjusted SSSG calculated as the growth in net revenue of all stores that have been operational for atleast 15 months at the beginning of each quarter during FY25, adjusted to exclude stores which are temporarily non-comparable with base due to refurbishment, cannibalization, area reduction, or any such event which may make it incomparable with base. 3. Adjusted EBITDA is EBITDA pre-ESOP charges and pre-INDAS 116. 4. Adjusted PAT is PAT pre-ESOP charge
1
Operational Highlights
Sales of Products 1
Revenue Across Region2
Store Count
From Third-Party Brands
From Own Brands
28.0%
FY24
71.8%
East
North
8.3%
19.3%
South
West
29.2%
FY24
43.2%
8.2%
611
696
26.7%
20.2%
29.5%
As at 31Mar24
As at 31Mar25
FY25
73.1%
FY25
42.1%
4 2 Y F
5 2 Y F
Notes: 1. Split of Revenue excludes other operating revenues which constituted 0.15% and 0.22% respectively of total revenue from operations for FY25 and FY24. 2. East includes North East; West includes Central.
(₹m)
2
Vishal Mega Mart | One of India’s Leading Retailer
1
2
3
4
5
Addressing the largest consumer segment1 in India
Diversified merchandise mix2 – Apparel (44% of sales3), General Merchandise (28%3) and FMCG (28%3)
Track record of successful store growth in a highly capital efficient model
Technology enabled operations with an integrated, automated and efficient supply chain
Professional and experienced management team led by a distinguished board of directors
Large TAM
945m people1
Healthy profitability
Enabled by our category mix and own brand portfolio
Sustainable model
With tech-enabled operations
Notes: 1. Middle and lower-middle income segment, with a population of 945 million as of CY23 (Source: RedSeer Report); 2. Vishal Mega Mart has a revenue contribution of over 25% across each of the apparel, general merchandize and FMCG product categories for FY24 (Source: RedSeer Report); 3. Sales contribution for FY25;
3
Vishal Mega Mart was listed on the Stock Exchange Date (BSE and NSE) on 18th December 2024
4
We target the middle and lower-middle income India
Largest consumer segment comprising ~66% of the households in India1
Students
(College students, entry-level workers)
Relatively Affluent
(People in agriculture, business owners from small towns)
Traders
(Shopkeepers, traders)
Employees
(Govt., PSUs, police personnel, private sector (entry / junior / mid- level), factory workers)
Unorganised Sector
(Electricians, drivers, plumbers etc.)
Notes: 1. Middle and lower-middle income segments with annual HH income in the range of ₹0.15-1.0m as of CY23 (Source: RedSeer Report)
5
Accelerated New Store Rollout
90 Gross1 New stores added in FY25
Tier wise Store count2
Region3 -wise Store footprint, Mar-25 end
192
324
Mar-25 end
180
Tier I Tier II Tier III
North South
East West
183
284
63
166
FY25
696 # Stores
458 # Cities
30 # States / UT4
12.2m Retail sq. ft.
Notes:. 1. Net New Store Addition for FY25 is 85. 2. Tier 1: Cities with population greater than 1m, Tier 2: Cities with population 200k to 1m , Tier 3: Cities with population less than 200k (as per 2011 census. 3. East includes North East; West includes Central. 4. 28 States and 2 Union territories
6
Large network of stores in Tier 2 cities and beyond
Consumers in tier 2 cities and beyond have similar aspirations as those in larger cities, given access to digital channels and democratization of information flow. These consumers typically gravitate towards products that combine good quality and enhanced functionality with affordability
~72% of Vishal Mega Mart stores are in Tier 2 cities and beyond markets1
Tier 1 28%
Tier 2 and beyond 72%
~74% of the total Retail spending in Tier-2 & beyond markets2
~$916bn
26%
74%
India Retail market, 2023 ($bn)
Tier 1 (Top ~50 cities)
Tier 2 and beyond
945m individuals3 (c.225m HHs)
1bn+ internet users by 2028
Internet penetration
58% (2023)
1.5x increase in GDP per capita by 2028
Income growth
$2.6k (2023)
Underpenetrated vs. other geos (2023)
$2.6k
$0.6k
Low per capita retail spending
70-73% (2028E)
$4.0k (2028E)
$12.2k
India
China
USA
Source: RedSeer Report. Notes: 1. As of March 31, 2025. Tier 1: Cities with population greater than 1m (as per 2011 census), Tier 2 and beyond: Population < 1m; 2. As of CY23; 3. Middle and lower-middle income segment population as of CY23
7
Diverse and growing portfolio of own brands across product categories
Our Own brands are Significant and Growing contributors to sales
Revenue from own brands (₹ m)
26 Own brands1 portfolio
+100%
63,993
FY24
71.8%
78,386
FY25
73.1%
39,229
FY22
70.2%
Contribution to total revenue
6 own brands with > ₹ 5000 m in sales2
19 own brands with > ₹ 1000 m sales2
Notes: 1. As of March 31, 2025; 2. On Gross Sales (including GST) for FY25
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Case study: Tandem In addition to creating new own brands, we continue to add additional products to our existing portfolio of own brands
New additions: Wet Grinder, Mixer Grinder Blender, Multi Cook Kettle & Glass Kettle, Mixer Grinder 1000W, Non Stick Ceramic Coated Cookware, Induction Cooktop 2000W, 3 Ply Non Stick Cookware, Study Lamp
New additions: Infrared cooktop, air fryer, garment steamer, beard trimmer, egg boiler
New additions: LED Lighting, juicer, sound bar, tower speaker
New additions: Batteries, induction cooktop, vegetable choppers, room heater
Mixer grinder, gas stove, pressure cooker, electric kettle, iron, rice cooker, OTGs
Till FY21
FY22
FY23
FY24
FY25
9
Healthy growth in Loyalty
Large and loyal consumer base
FY25 & Growth YoY
145 m 17%
Registered Loyalty1 Customers
~95% Revenue2 from Loyalty customers
Notes: 1. Mobile-based loyalty program which consumers can enrol to accrue and redeem points on all transactions and receive targeted marketing communications. A registered customer on loyalty program is a customer identified by the unique mobile number provided at the time of invoicing by Vishal Mega Mart stores. Such person is considered as a customer registered under our Loyalty program irrespective of whether he or she has made any future purchase(s) or claimed any benefit under our Loyalty program. #loyalty customers as at 31Mar2025. 2. Revenue from Registered Loyalty customers to Gross Revenue (Revenue including GST)
10
Consistent Progress in Quick Commerce platform
Omni-channel shopping experience offered through our website and mobile application
FY25 & Growth YoY
656 17% Stores with hyperlocal delivery
429 16% Cities covered
~9 m 65% # registered users
~21 m 47% Traffic
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Easy access to available products at nearest store
Express delivery and store pickup facility available
Flexible return and exchange policy
Highly capital efficient model
Adj. ROCE (%)4
71.0%
67.2%
# Net Stores Additions1 139 FY24 and FY25 (1st Apr‘23 to 31st Mar’25)
Working Capital Cycle 15 days FY25 Net working capital2
Store Payback 19 Months Average store payback3
FY24
FY25
Net Cash flow from Operations (₹m)5
Notes: Figures have been rounded to the nearest integer or one decimal place 1. 2.
Gross store additions 151, stores closures 12 Net trade working capital days is calculated as net trade working capital (calculated as the sum of inventory and trade receivables less trade payables) divided by revenue calculated on a daily basis Calculated as CapEx invested in stores opened during FY23 divided by EBITDA generated by these stores until FY24 (Source: RedSeer Report)
3.
₹22,287m
FY24 and FY25
4.
5.
Adjusted Return on Capital Employed is calculated as earnings before interest and tax adjusted by income generated from invested fund divided by capital employed adjusted for invested funds Calculated as the sum of net cash derived from the principal revenue generating activities of the Company for the periods FY24 and FY25
12
Integrated, automated and efficient supply chain
Hub and spoke distribution model
Own Brand + select Third Party Brands
Balance third party brands
Central DC
Hired trucks
Central distribution center (1)
Regional Distribution centers (17)
Vendor
Regional DC
Hired trucks
Stores
Select FMCG & Travel products
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Professional and experienced management team led by a distinguished board of directors
Team with diverse backgrounds across retail, consumer goods, technology, marketing and management
Gunender Kapur Managing Director and CEO 40+ years of experience Prior: HUL, Unilever Nigeria, Reliance Industries
Amit Gupta Chief Financial Officer 21+ years of experience Prior: Agro Tech Foods, Jubilant Foodworks, HCCB
Manoj Kumar Chief Operating Officer 30+ years of experience Prior: Walmart
Karthik Kuppusamy Chief Information Officer 24+ years of experience Prior: Accenture India, Infosys, SAP India, Spencer’s Retail
Dhruva K Dubey Chief Human Resources Officer 22+ years of experience Prior: Spencer’s Retail, HSBC, Dell International Services India, Quikr India
Anne Puvis Chief B&M - Apparel 30+ years of experience Prior: Club Méditerranée, Camif Group, Sociedad Nestlé, A.E.P.A., Redoute France
Samir Agrawal VP - General Merchandise 21+ years of experience Prior: Aditya Birla Retail, Shopper’s Stop, GE, Whirlpool
Vishal Mehrotra VP - FMCG 23+ years of experience Prior: Snapdeal, Spencer’s Retail, Dabur India, Britannia
S Raamesh VP - Supply Chain 26+ years of experience Prior: Reliance Retail, Amazon, Toyota, Tata Johnson Controls, IFB
Kuldeep Sharma VP - Legal & Compliance 25+ years of experience Prior: Fabindia Overseas, Max Healthcare, Star, Spencer’s Retail, HUL
Neha Bansal Chairperson and Independent Director Experience: Lenskart, Vinod Kumar & Associates
Soumya Rajan Independent Director Experience: Waterfield Advisors, Standard Chartered Bank
Sanjeev Aga Non-Executive Director Experience: Asian Paints (India), Blow Plast, Aditya Birla Group, Idea Cellular
Nishant Sharma Non-Executive Director Experience: Kedaara Capital, General Atlantic, McKinsey & Company
Manas Tandon Non-Executive Director Experience: Partners Group, TPG Capital, Matrix India Asset Advisors
Gunender Kapur MD & CEO Experience: Vishal Mega Mart, HUL, Unilever Nigeria, Reliance Industries
Experienced Board
14
Q4FY25 & FY25 : Consolidated Financial Performance
(₹m)
Notes: Figures have been rounded to the nearest integer or one decimal place.
15
Profit and Loss MetricsQ4 FY25% to Revenue from OpsQ4 FY24% to Revenue from OpsQ4 Growth %FY25% to Revenue from OpsFY24% to Revenue from OpsFY25 Growth %Revenue from operations25,47920,68923.2%1,07,16389,11920.2%Adjusted SSSG13.7%12.9%12.3%13.6%Other Income 186 70586332Total Income25,66520,75923.6%1,07,74989,45120.5%Cost of Goods Sold18,27715,21976,63664,461Gross Profit7,20128.3%5,47026.4%31.6%30,52728.5%24,65927.7%23.8%Employee Benefit Expense1,6731,2576,4065,047Other Expenses1,9571,7088,8207,126EBITDA3,57114.0%2,50512.1%42.5%15,30214.3%12,48614.0%22.6%Depreciation & Amortization1,7071,3625,9025,173Finance Cost4933631,4921,435Profit Before Tax1,5576.1%8514.1%83.1%8,4937.9%6,2107.0%36.8%Profit After Tax1,1514.5%6123.0%88.1%6,3205.9%4,6195.2%36.8%ESOP expense176-359235EBITDA (pre-ESOP charges)3,74714.7%2,50312.1%49.7%15,89414.8%12,52114.0%26.9%INDAS 116 impact on EBITDA (Rent)1,6661,3045,5615,072Adjusted EBITDA (pre-INDAS116 and pre-ESOP charges)2,0818.2%1,1985.8%73.6%10,3339.6%7,4488.4%38.7%Adjusted Profit after tax (pre-ESOP charges)1,2815.0%6102.9%109.9%6,7616.3%4,6455.2%45.5%Consolidated Profit and Loss Statement Key Performance Indicators
*Adjusted Return on Capital Employed is calculated as earnings before interest and tax adjusted by income generated from invested fund divided by capital employed adjusted for invested funds. **Net trade working capital days is calculated as net trade working capital (calculated as the sum of inventory and trade receivables less trade payables) divided by revenue calculated on a daily basis. ***NA since less than or equal to zero. #Adjusted SSSG is calculated as the growth in net revenue of all stores that have been operational for atleast 15 months at the beginning of each quarter during the year, adjusted to exclude stores which are temporarily non-comparable with base due to refurbishment, cannibalization, area reduction, or any such event which may make it incomparable 16 with base
ParticularsUnitsFor Fiscal 2025For Fiscal 2024For Fiscal 2023For Fiscal 2022Revenue from Operations(₹ in million)1,07,163.4589,119.4675,860.3755,885.15Profit for the year(₹ in million)6,319.674,619.353,212.732,027.70Net Cash flow from Operating activities(₹ in million)13,990.698,296.706,355.346,570.97Sales mix – Apparel(₹ in million)47,046.5639,013.2132,926.8425,179.53Sales mix – Fast moving consumer goods(₹ in million)29,737.7124,473.0920,319.6214,056.87Sales mix – General Merchandise(₹ in million)30,221.7125,433.1522,383.4616,493.03Sales mix contribution– Apparel (%)(%)43.9043.7843.445.06Sales mix contribution– Fast moving consumer goods (%)(%)27.7527.4626.7925.15Sales mix contribution– General Merchandise (%)(%)28.2028.5429.5129.51Increase in revenue from operations(%)20.2517.4835.7425.52Profit Margin(%)5.905.184.243.63Gross Profit(₹ in million)30,527.2424,658.9320,597.0515,739.08Gross Margin(%)28.4927.6727.1528.16EBITDA(₹ in million)15,301.8012,486.0110,205.218,036.85EBITDA Margin(%)14.2814.0113.4514.38Return on Capital Employed(%)53.2368.7675.856.43Adjusted Return on Capital Employed*(%)67.2070.9592.16156.34Inventory days(No. of days)56616571Net Trade working capital days**(No. of days)1511NA***NA***Adjusted Same store Sales growth#(%)12.31 13.5725.1611.89Retail Space(sq. ft. million)12.16 11.0110.189.14Number of Stores(No.)696611557501Average store size(sq. ft.)17,474.47 18,011.5618,268.8618,250.95Revenue contribution of own brands(₹ in million)78,385.79 63,993.4253,479.7939,228.81Revenue contribution of own brands (%)(%)73.15 71.8170.570.2Number of Stores – Tier 1 cities(No.)192187178167Number of Stores – Tier 2 cities and beyond(No.)504424379334 Safe Harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Vishal Mega Mart Limited (the
“Company”), have been prepared 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.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the
Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy,
completeness, fairness and reasonableness of the contents of this Presentation. 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.
This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability,
which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking
statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations
in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to
attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations,
government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not
undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any
forward looking statements made from time to time by or on behalf of the Company.
17
Company:
Vishal Mega Mart Limited
CIN: L51909HR2018PLC073282
Thank You
Thank you
Investor Relations Advisors:
Strategic Growth Advisors Pvt. Ltd.
CIN: U74140MH2010PTC204285
Mr. Rahul Luthra, Company Secretary & Compliance Officer
Devika Shah / Shikha Puri
Email id: secretarial@vishalwholesale.co.in
Email id: devika.shah@sgapl.net / shikha.puri@sgapl.net
Tel No: +91 124- 4980000
Tel No: +91 9920764659 / +91 9819282743
Nandyal, Andhra Pradesh