V2 Retail Ltd Q3 FY21 Earnings Call Analysis

- Targeting around Rs. 1000-1050 crore offline sales for next year (FY23) with sales per square feet of Rs. 725 monthly. - Planning to open approximately 120 new stores over the next 3-4 years, primarily in existing clusters (about 90 identified new locations). - Expecting 25% sales growth annually over next 3 years: 20% from new store additions and 5% from same store sales growth. - E-commerce sales targeted between Rs. 50-100 crore in FY23 (5%-10% of overall sales), with cautious growth tied to marketing ROAS and organic traction. - Manufacturing contribution to sales expected to grow from 20% currently to around 40-50% in next year, aiding gross margin improvement to 34%-35%. - Pre-IndAS EBITDA margin guidance remains at 9%-10% in FY23 with targeted Rs. 100 crore EBITDA. Overall, focus on expanding stores in existing regions, improving product mix via manufacturing, and carefully growing e-commerce sales.

The document does not provide explicit details on the current or expected order book or pending orders for V2 Retail Limited. However, related insights include: - The company is focused on opening around 120 new stores in existing clusters over the next 3-4 years. - For FY23, the company is targeting Rs. 1000-1100 crore in turnover with a pre-IndAS EBITDA margin of 9%-10%. - E-commerce sales for FY22 are expected to close at around Rs. 24 crore with targets of Rs. 50-100 crore in FY23 depending on traction. - Inventory rationalization is planned with inventory days targeted between 90-100 days, equating to Rs. 225-230 crore ideal inventory value for standalone operations. - Management emphasizes recruitment and capacity building to support significant store additions and sales growth. No specific order book or pending order numbers were disclosed in the call transcript.