Avenue Supermarts, which operates the retail chain DMart, on July 15 reported a consolidated net profit of Rs 6,58.71 crore for the first quarter of the financial year 2023-24, up 2 percent from Rs 642.89 crore in the year-ago period.
The company’s consolidated net profit rose 43 percent from Rs 460.10 crore in the previous quarter.
Standalone net profit increased 2.2 percent at Rs.695 crore for Q1FY24, as compared to Rs. 680 crore in the corresponding quarter of last year.
The company reported an 18.2 percent YoY (year-on-year) rise in consolidated revenue from operations at Rs 11,865.44 crore against Rs 10,038.07 crore a year ago. The revenue rose 12 percent from Rs 10,594.11 crore in the previous quarter.
Standalone total revenue for the quarter ended June 30, 2023 rose 18 percent at Rs. 11,584 crore, as compared to Rs.9,807 crore for the same period last year.
Revenue was largely in-line but profit missed the mark. According to a poll of brokerages, DMart’s Q4 revenue was seen at Rs 11,785 crore and net profit at Rs 715 crore.
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q1FY24 stood at Rs.1,035 crore, as compared to Rs.1,008 crore in the corresponding quarter of last year. EBITDA margin stood at 8.7 percent in Q1FY24 as compared to 10 percent in Q1FY23.
"Overall gross margins are lower compared to the same period in the previous year, primarily due to lower sales contribution of apparel and general merchandise," said Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited.
Avenue Supermarts has opened three new stores during the quarter and now operates 327 stores as of June 30, the company said in the exchange filing.
On July 14, Avenue Supermarts closed at Rs 3,840 on the National Stock Exchange, up 0.48 percent from the previous day.
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