Vaibhav Global Limited announces Q2 FY24 Financial Results

Vaibhav Global Limited (VGL), a global E-tailer of Fashion Jewellery, Lifestyle Products, Apparels, and Accessories on TV and Digital Platforms, announced its financial results for the second quarter ending September 30, 2023.

Financial Performance Highlights:

Q2 FY24 performance overviewv
- Revenue: Q1 revenue growth of 9.1% YoY.
- Digital Revenue Mix: 39% of B2C revenue.
- Industry leading Gross Margins at 61.4%.
- EBITDA margin of 9.5%. YoY higher by 29%.
- Improvement in profitability margins owing to better pricing and operational efficiencies.
- PBT for the quarter is Rs. 41 crores, higher by 33% YoY reflecting operating leverage.
- ROCE at 16% and ROE at 10%.
- Declared second interim dividend of Rs 1.50 per share.


Key Recent Development and Business Matrices:

- Acquired assets of Ideal World - a leading teleshopping brand in the UK with a legacy of over 21 years.


- Acquired Mindful Souls BV, an e-commerce company dealing in subscription based online sales of fashion jewellery, gemstone, and lifestyle products.

- Unique Customers (TTM basis): 4.5 lakhs 5 years CAGR of 7%.
- New registrations (TTM basis): 3.1 lakhs
- 5 years CAGR of 13%.
- Digital strengthening: 54% of new customers acquired digitally on TTM basis.
- 'Your Purchase Feeds...': Over 81 million meals donated since inception

Commenting on the performance for Q2 FY24 Mr. Sunil Agrawal, Managing Director, Vaibhav Global Limited, said, Healthy revenue growth of 9.1% YoY. Focus on operational efficiencies and better pricing resulted in improved profitability margins. Recent acquisitions to create synergies, strengthen our digital businesses and continue market share gains.

To deliver 13%-15% revenue growth in FY24 and high-teens growth in FY25 with decent operating leverage. Remain confident to maintain revenue growth in mid-teens range in mid to long term period.