Any current/future new fundraising through debt or equity?

No new debt fundraising planned for FY23 as per Akash Agarwal; CAPEX for new stores will be funded through internal accruals. Current debt stands at ₹47-48 crores and is expected to reduce to about ₹25-30 crores by the end of next year. Future CAPEX primarily for store expansion (25-30 new stores planned), supply chain automation, and technology upgrades, funded internally. No mention of any equity fundraising in the discussion.

Future growth expectations in sales/revenue/volumes?

Target to open 2 lakh sq. ft. of new retail area in FY23, increasing total area to around 1.3 million sq. ft. Aim for ₹725 revenue per sq. ft. sales with a gross margin of 32%, and expenses around ₹170 per sq. ft. Target ₹1050 crores sales turnover with ₹85 crores EBITDA in FY23. Expect positive single-digit same-store sales growth (SSG) to reach pre-COVID levels in FY23. Plan to increase e-commerce sales from ₹21 crores (9 months FY22) to ₹50 crores in FY23, focusing on omni-channel expansion. Aspires to maintain inventory days at 90 days with efficient stock management to support higher reve

Future growth expectations in earnings/operating earnings/profits/EPS?

For FY23, V2 Retail targets sales turnover of around ₹1,050 crores with an EBITDA of about ₹85 crores. EBITDA margin target is around 8%, with potential upside to 10-11% if own manufacturing yields efficiencies. The plan includes opening 25 new stores adding approximately 200,000 square feet, totaling about 1.3 million square feet retail area. Target sales per square feet is ₹725 with a gross margin forecast of 32% and operating expenses of ₹170 per square feet. Profitability will be maintained through gross margin management; if sales per square feet targets are missed, 1-2% improvements in g

V2 Retail LtdQ3 FY22Retailing

V2 Retail Ltd Q3 FY22 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹166P/E: 37.0Market Cap: ₹6.1K CrSector: Retailing

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Target to open 2 lakh sq. ft. of new retail area in FY23, increasing total area to around 1.3 million sq. ft.
Aim for ₹725 revenue per sq. ft. sales with a gross margin of 32%, and expenses around ₹170 per sq. ft.
Target ₹1050 crores sales turnover with ₹85 crores EBITDA in FY23.
Expect positive single-digit same-store sales growth (SSG) to reach pre-COVID levels in FY23.
Plan to increase e-commerce sales from ₹21 crores (9 months FY22) to ₹50 crores in FY23, focusing on omni-channel expansion.
Aspires to maintain inventory days at 90 days with efficient stock management to support higher revenue without increased working capital.
Manufacturing contribution expected to grow from 15% in Q3 FY22 to 35% in FY23 to improve cost efficiency.
Conservative EBITDA target for FY23 is around 8%, with potential upside as manufacturing efficiencies improve.

Margin guidance

Category 3

For FY23, V2 Retail targets sales turnover of around ₹1,050 crores with an EBITDA of about ₹85 crores.
EBITDA margin target is around 8%, with potential upside to 10-11% if own manufacturing yields efficiencies.
The plan includes opening 25 new stores adding approximately 200,000 square feet, totaling about 1.3 million square feet retail area.
Target sales per square feet is ₹725 with a gross margin forecast of 32% and operating expenses of ₹170 per square feet.
Profitability will be maintained through gross margin management; if sales per square feet targets are missed, 1-2% improvements in gross margin may be pursued.
No significant debt planned; CAPEX mainly funded by internal accruals.
Efficiency improvements in manufacturing (targeting 70% vs current 60%) expected to reduce costs by 3%, enhancing margins.
Positive same-store sales growth and recovery expected post-COVID with a positive outlook for FY23 EPS growth.

See what V2 Retail Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

No new debt fundraising planned for FY23 as per Akash Agarwal; CAPEX for new stores will be funded through internal accruals.
Current debt stands at ₹47-48 crores and is expected to reduce to about ₹25-30 crores by the end of next year.
Future CAPEX primarily for store expansion (25-30 new stores planned), supply chain automation, and technology upgrades, funded internally.
No mention of any equity fundraising in the discussion.

Order book

The provided transcript from the V2 Retail Limited Q3 & Nine Months FY22 Earnings Conference Call does not explicitly mention details about the current or expected order book or pending orders. The discussion mainly focuses on: - Inventory levels and management strategies (targeting 90 days inventory). - Store expansion plans (adding 5-6 stores in Q4 FY22 and about 25-30 stores in FY23). - Sales performance and product category mix. - Impact of lockdowns on inventory and discounting strategies. - Financial metrics like gross margins, EBITDA, and debt position. No specific information on order book or pending orders was disclosed in the available pages.

See what V2 Retail Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

- FY22 saw minimal CAPEX as only 3 stores were opened; CAPEX per store is about ₹1.1 to ₹1.2 crores. - For FY23, planning to open about 25 new stores, requiring CAPEX of ₹30 to ₹35 crores. - Additional CAPEX of ₹2 to ₹3 crores expected in supply chain/warehouse automation. - Technology CAPEX forecasted at around ₹5 crores for FY23, not related to manufacturing. - No further investment planned for manufacturing expansion; reliance on contract manufacturers beyond current capacity. - E-commerce technology investment of ₹1 to ₹2 crores anticipated to optimize logistics and marketing. - CAPEX funding will come entirely from internal accruals; no additional debt planned. Overall, strategic investments focus on store expansion, technology upgrades, and supply chain automation.

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V2 Retail Ltd Q3 FY22 Earnings Call Analysis

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