Avenue Supermarts’ revenue jumps 18% y-o-y in Q1

3 Jul 2024 , 11:04 AM

Avenue Supermarts, which owns DMart outlets, recorded standalone sales of ₹13,712 Crore for the quarter ended June 30, 2024, up from ₹11,584 Crore in the previous year. This is an 18% increase over the previous year.

The total number of stores as of June 30, 2024 was 371, including one in Gujarat’s Rajkot that was temporarily closed to clients, according to the company’s quarterly update filed with the exchanges on Tuesday.

Avenue Supermarts’ consolidated net profit for the quarter ended March 2024 increased 22.4% to ₹563 Crore from ₹460 Crore in the same quarter the previous fiscal year. The company’s revenue increased 20% year on year (YoY) to ₹12,727 Crore. The retailer’s EBITDA increased 22.3% year on year to ₹943 Crore, and its operating profit margin increased by 13 basis points to 7.41%.

In the March quarter, the contribution from general merchandise and clothes increased again. Gross margins have improved year on year, reflecting this mix improvement.

During the year, the company launched its e-commerce business in Gurugram while expanding its footprint in current cities. Avenue Supermarts, established in Mumbai, presently has locations in 23 cities across India.

Basic EPS for Q4 increased to ₹9.28 from ₹7.80 in Q4 of FY23.

DMart added 24 stores during the quarter, bringing the total number to 41 for fiscal year 24. The company operated 365 stores with a retail business area of 15.15 million square feet in Maharashtra, Daman, Karnataka, Gujarat, Telangana, Andhra Pradesh, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh, and Punjab.

At around 10.59 AM, Avenue Supermarts was trading mostly flat at ₹4,777.90 per piece, against the previous close of ₹4,773.85 on NSE. The counter touched an intraday high and low of ₹4,806, and ₹4,700.70 per piece, respectively.

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