Dear Valued Stakeholders,
I am happy to share that despite strong Covid waves which significantly
impacted brick-and-mortar stores across the country, our Company has delivered good
results. All our team members did a great job in their specific areas in building back
confidence in our customers and getting store sales and average realizations at pre COVID
levels. When it came to marketing, we ran aggressive SMS campaigns along with other
Marketing tools for all existing customers throughout the year to keep them informed about
the latest collections and promotional offers and for store staff we regularly organized
training sessions for the team to make sure they are well updated with fashion, soft
skills and sales techniques. After the lockdown norms relaxed, our stores started gaining
good traction and footfalls increased over couple of months. At current moment, our stores
are doing well and almost at par with pre COVID times and even better for many stores.
Adding on, e-commerce has become more significant during COVID times, and we entered this
space at the very right time and got to witness the ongoing increase in demand. Entering
e- commerce also helps to increase our brand visibility and offer products to a wider
customer base.
Coming to our financial performance for the year, I am happy to share,
our Company recorded sales of Rs 383.39 cr in FY 2022 with EBITDA (w/o IND-AS 116) of Rs.
75.79 crand PAT (w/o IND-AS 116) stands at Rs. 41.82 cr. The EBITDA margins have improved
and has been in line with our expectations and growth plans. Our Company is now a debt
free and offering better positioning with increased profitability and stronger cash flows.
We are sticking on our expansion plan and continuous expansion of
stores will increase Inventory level and to support our expansion plans, we have invested
in building a new multi floor warehousing facility cum corporate office. This new facility
will make it hassle free and improve controls over inventory and warehousing management
significantly.
As of now our Company has over 400 stores in 18 states with an intent
to open around 70-80 new stores every year in a pre-planned manner majorly in tier II and
tier III towns which are the new green shoots of growth opportunities in our economy. We
continue to add to our product offerings apart from adding stores, expanding not just our
reach and footprint pan India but also increasing our wallet share with the customer.
I would like to take this opportunity to thank all those who have
supported and guided us throughout the years, and this would not have been possible
without the support of all our stakeholders i.e. customers, employees, partners,
shareholders, business associates and society at large for their tremendous faith in us.