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Avenue Supermarts Q1 net profit jumps 32% to Rs 323 crore; company adds 8 new stores

NEW DELHI: Mumbai-based Avenue Supermarts, which owns and operates D-Mart stores, on Saturday reported a 31.83 per cent year-on-year (YoY) jump in consolidated net profit at Rs 323 crore for June quarter compared with Rs 245 crore in the same quarter last year.

Total consolidated revenue for the quarter rose 27.07 per cent to Rs 5,815 crore from Rs 4,576 crore in the same period last year. Earnings before interest, tax, depreciation and amortisation (Ebitda) for the food & grocery retailer came in at Rs 597 crore in the first quarter compared with Rs 423 crore in the year-ago. Ebitda margin improved to 10.3 per cent from 9.2 per cent YoY.

The company added eight new stores during the quarter, the company said in a BSE filing.

CEO and MD Neville Noronha said, “Revenue growth was in line with our expectations. Gross margin was slightly ahead of our expectations and our continued operational efficiency has resulted in higher PAT margins. As we have said in the past, Q1 margins are not usually a reflection of the entire year. We opened 8 stores in this quarter, large part of which are a spillover from the previous quarter.”

On a standalone basis, profit climbed 33.80 per cent YoY to Rs 335 crore on 36.80 per cent YoY rise in total revenue of Rs 5,781 crore.

Source: Economic Times