Vaibhav Global Limited (VGL), a global E-tailer of Fashion Jewellery, Apparels, Lifestyle Products and Accessories on TV and Digital Platforms, announced its financial results for the quarter and nine months ended December 31, 2021.
The company’s revenue from operations grew 3.5% and 10.3% yoy respectively to Rs750.41cr in Q3FY22 and Rs2,067.24cr in 9MFY22. The company had recorded revenues of Rs724.96cr in Q3FY21 and Rs1874.19cr in 9MFY21.
“Continued surge in in-person shopping induced by revenge outing along with omicron led uncertainties during later part of the quarter resulted in softer revenue growth. Besides these are on very high growth of last year. Being temporary trends, we are confident of our business drivers with robust growth outlook in the medium to long run,” the company said in a filing on Thursday.
PAT for Q3FY22 fell 25% yoy to Rs69cr from Rs92cr in Q3FY21. 9MFY22 PAT also fell to Rs210cr from Rs216cr in 9MFY21. EBITDA margin in Q3FY22, excluding Germany, was at 13.2% vs 17.4% in Q3 FY21. Margin momentarily impacted by elevated sea freight and planned investments on digital platforms
Other performances
Sunil Agrawal, Managing Director, Vaibhav Global Limited said, “Revenue in Q3 grew by 3.5% yoy albeit on a higher base and strongly by 33.2% over Q3FY20. Our 9M revenue grew by 10.3% yoy and by 38.9% over 9MFY20. Post Q1, consumers went for revenge outings and vacations thus impacting demand. This phenomenon continued in Q3 leading to muted revenue growth across digital retail industry. Festive demand was encouraging, however demand tapered in later part of Q3, owing to omicron uncertainties.
Gross margins have seen slight contraction mainly due to product mix, elevated shipping costs and demand-supply mismatch at product level owing to longer transit times. During the quarter, investments on new OTA homes, Digital Marketing, Market Places Marketing and OTT marketing continued. These investments are intended to support our growth ambitions for coming years. In USA, our revenue and unique customer counts on OTT have tripled yoy implying a clear opportunity in this market for us.”
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