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Avenue Supermarts Q2 profit surges 48% YoY to Rs 323 crore; misses Street estimates

Avenue Supermarts, owner of DMart supermarket chain, on Saturday posted a 47.54 per cent year-on-year rise in net profit at Rs 322.66 crore for the quarter ended September 2019.

Analysts in an ET Now poll estimated the profit figure at Rs 343 crore.

The firm had posted a net profit of Rs 218.69 crore in the corresponding quarter last year.

Commenting on the financial performance of the company Neville Noronha, CEO & Managing Director, Avenue Supermarts, said, “Revenue growth for the quarter was slightly lower than our estimates while gross margin saw improvement over the corresponding period last year due to better revenue mix. PAT margin improvement is in line with revenue growth and also aided by revision in corporate tax rates”.

Consolidated total income of the company increased 22.26 per cent YoY to Rs 5,998.90 crore during the quarter under review against Rs 4,906.54 crore in the same period last year.

Earnings per share (EPS) jumped to Rs 5.34 in Q2FY20 from Rs 3.62 in Q2FY19. Share price of the company on Friday closed 1.23 per cent up at Rs 1843.25.

Avenue Supermarts added 5 stores in September quarter.

Source: Economic Times