Jaipur, July 29, 2021 : Vaibhav Global Limited (VGL), a vertically integrated E-retailer of fashion jewellery, accessories and lifestyle products, announced its financial results for the quarter ended June 30, 2021.
Q1 FY22 performance overview compared with Q1 FY21
(Managing Director)
Vaibhav Global Limited (VGL) is listed on stock exchanges in India (BSE: 532156, NSE: VAIBHAVGBL, ISIN - INE884A01027). VGL is an omni-channel E-retailer of fashion jewellery, accessories, and lifestyle products in developed markets with direct access to ~102.5 million households (FTE) through its TV home shopping networks – Shop LC in US and Shop TJC in UK. The Company’s ecommerce websites www.shoplc.com in the US and www.tjc.co.uk in the UK complement TV coverage and diversify customer engagement. Very recently, the Company established retail presence in the Germany market under the brand name Shop LC. VGL ranks 65th in Fortune India's Next 500 list 2021. The Company is committed to ‘Delivering Joy’ to all the stakeholders. Through its flagship One for One Program, now ‘Your Purchase Feeds...’, where a meal is provided for every piece sold at the retail channels, the Company has provided over 55 million meals in US, UK, and India since program inception.
Commenting on the performance for Q1 FY22 Mr. Sunil Agrawal, Managing Director, Vaibhav Global Limited said,
We are pleased to start the year on a strong note with robust performance in Q1. Retail revenues improved by 22.8% and EBITDA increased by 26.2% YoY. This growth came on the back of deep value proposition, expanding product portfolio, and growing presence on various sales platforms in our core markets of US and UK. We generated Rs. 68 crore of operating cash flows and reported strong ROCE of 60%. I am excited to share that the first quarter marked our foray into the Germany market. We will operate with a similar value proposition and cater to a similar customer profile as the US and UK. The plan is to fully operationalize the Germany business on TV, Web, Marketplaces, Social and OTT during the year.
The 4Rs framework comprising of Reach, Registrations, Retention and Repeat purchases, forms the basis for driving operating performance. Vertically integrated model and a ~30 countries strong supply chain network is the backbone of our business. And technology is the catalyst. Most importantly, our highly motivated teams, make it all come together to truly deliver joy to customers. Also, these are areas where we have been investing judiciously for long term growth.
We stepped into the year with renewed commitment to all stakeholders. Towards afforestation, 13,000 saplings were planted for developing a Miyawaki forest. Under our flagship CSR initiative ‘Your Purchase Feeds...’ we have now provided 55 million meals to school going children. The program offers more than just a meal, it also helps feed hearts, minds, and futures of children. At VGL, we are inspired by the idea of Humanocracy and are implementing some of these principles across the organization. For shareholders, we continue with quarterly pay-outs. An interim dividend of Rs. 1.5 per share (face value Rs. 2 per share) has been declared by the Board.
We believe, VGL is at an important point in its journey of becoming a global leader in electronic retailing of fashion jewellery and lifestyle products. We are excited by the opportunities that lie ahead and are confident that we have right strategy to drive sustainable growth and create value for all stakeholders.”
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