Avenue Supermarts on Saturday reported standalone profit after tax rose by 8.3 per cent to ₹505.21 crore crore for the quarter ended March2023. This is against a profit of ₹466.35 crore in the corresponding quarter last fiscal.
Radhakishan Damani-owned Avenue Supermarts, which runs DMart chain, reported revenue from operations were up by 21.11 per cent to ₹10,337.12 crore as against ₹8,606.09 crore in the corresponding quarter in last fiscal.
During the March quarter, DMart’s margins decreased to 7.6 per cent as compared to 8.6 per cent on a year-on-year basis while earnings before interest, taxes, depreciation, and amortization (EBITDA) was up 5.5 per cent at ₹783 crore.
In the fourth quarter, DMart expanded its retail chain by opening 18 new stores, bringing the total number of stores to 324 as of March 31, 2023 . In FY2022-23, the company has added a total of 40 stores to its network.
“Lower consumer spending in general merchandise and apparel continues and has impacted the margin mix downwards,” he said, adding that two years and older DMart stores grew by 24.2% during FY2023 as compared to FY2022. These same stores grew at 11.0% in the second half of FY 2023 vis-a-vis second half of FY 2022. We have 234 stores that are 2 years or older. We continued to expand our store footprint and opened 40 new stores during the year taking our cumulative total to 324 stores,” said Avenue Supermarts CEO and MD Neville Noronha.
For the full year, revenue increased 38 per cent to ₹42,840 crore against 30,976 crore reported in FY22 with net profit for the full year ending March 2023 coming in at ₹2,379 crore, up 59 percent compared to ₹1,493 crore in FY22.
On Friday, the company’s scrip ended 0.62 per cent lower at ₹3680.25 on BSE.
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