Vaibhav Global tumbled 5.20% to Rs 370.80 after the company reported a 51.4% fall in consolidated net profit to Rs 27.21 crore in Q4 FY22 as against Rs 56.02 crore reported in Q4 FY21.
Net sales for the quarter rose 2.9% to Rs 685.19 crore as against Rs 665.88 crore reported in the same period last year. EBITDA fell 44.7% to Rs 47 crore inQ4 FY22 from Rs 47 crore in Q4 FY21. Meanwhile, EBITDA margin deteriorated to 6.9% in Q4 FY22 from 12.8% posted in Q4 FY21.Profit before tax (PBT) for Q4 FY22 stood at Rs 25.01 crore, down by 65.4% from Rs 72.18 crore reported in Q4 FY21. Total expenses jumped 10.6% year on year to Rs 650.13 crore in the quarter ended 31 March 2022.
On full year basis, the company reported 12.5% decline in consolidated net profit to Rs 237.71 crore despite of an 8.4% rise in net sales to Rs 2,752.43 crore in the financial year ended 31 March 2022 over the financial year ended 31 March 2021.
Commenting on the performance Sunil Agrawal, managing director of Vaibhav Global said, The revenue growth is more encouraging when we compare it with Q4 of FY20 and full year FY20 which is 37.6% and 38.6% respectively. We maintained our gross margins at 60.0% in Q4 and 62.3% for FY22, which is at par with FY21. Our industry leading margins are made possible because of high margin product mix, efficient price management, efficient planning, in-house manufacturing and wide sourcing base.
The reach of our TV networks by the end of Q4 FY22 was 124 million TV homes which is 19% higher YoY. New registrations in trailing 12-month period came in at 3.2 lakhs. The number was slightly higher last year owing to essentials customers. As of the end of FY22, we registered an average purchase of 27 pieces on TTM basis by our customers which is at par with FY21. Our customer retention rates stood at 40% on TTM basis. The retention ratio is lower YoY as last year had a wider base of customer who bought essential items.
While the greater economy is grappling through inflationary pressures, demand and cost challenges, we being value player, we are optimistic on medium and long-term growth journey of VGL and would like to reiterate that our long-term investments will support our growth ambitions. We are confident to combat the inflationary challenges and deliver continued growth and expect current financial year to have mid-single digit revenue growth.
The board recommended a final dividend of Rs 1.5 per share for the financial year ended 31 March 2022.
Vaibhav Global is engaged in the processing of gemstones, such as fire opal, apatite, emerald and various other precious and semi precious stones.
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