Avenue Supermarts, which operates the retail chain D-Mart, on January 13 reported a consolidated net profit of Rs 690.41 crore in the third quarter of fiscal year 2023-24, up 17.09 percent from Rs 589.64 crore in the year-ago period.
The company's standalone net profit rose 14.9 percent from Rs 641.07 crore in the previous year.
Avenue Supermarts reported a 17.31 percent year-on-year (YoY) rise in consolidated revenue from operations at Rs 13,572.47 crore, as against Rs 11,569.05 crore in the December 2022 quarter. The standalone revenue rose 17.1 percent from Rs 11,304.58 crore in the previous year.
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q3FY24 stood at Rs 1,120 crore, as compared to Rs 965 crore in the corresponding quarter of last year. EBITDA margin stood at 8.3 percent in Q3FY24 as compared to 8.3 percent in Q3FY23.
The retail chain was expected to report a standalone net profit of Rs 740.6 crore and standalone revenue of Rs 13,247 crore in Q3, as per average estimates of four brokerage firms.
"This time the festive season sales were lower than expected in non-FMCG. Within FMCG, agri-staples (ex-edible oil) are going through significantly high inflation," said Neville Noronha, CEO & Managing Director. The company also reported in its quarterly business update that the total number of stores as of December 31, 2023, stood at 341.
Avenue Supermarts further noted that it has approved the appointment of Harishchandra M Bharuka, an industry veteran with four decades of experience, as its independent director for a term of five consecutive years starting January 13.
On January 12, Avenue Supermarts' scrip closed at Rs 3,843 apiece on the National Stock Exchange, up 0.57 percent from the previous day.
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