Avenue Supermarts, the operator of the DMart retail chain, announced a 17% rise in consolidated net profit to INR 690.41 in the third quarter (Q3) concluding on December 31, 2023. This marks an improvement compared to the net profit of INR 589.64 recorded in the corresponding period of the previous fiscal year, according to the company’s regulatory filing on Saturday.
The PAT margin for Q3 FY24 remained unchanged at 5.1%, mirroring the same percentage observed in Q3 FY23.
In Q3 FY24, DMart witnessed a 17.3% increase in total revenue, reaching INR 13,572 crore, compared to INR 11,569 crore in the corresponding period of the previous year.
As per the BSE filing, DMart reported Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) of INR 1,120 crore in Q3 FY24, up from INR 965 crore in the same quarter of the previous year. The EBITDA margin remained constant at 8.3% in both Q3 FY24 and Q3 FY23.
The Basic Earnings per Share (EPS) for Q3 FY24 were reported at INR 10.62, compared to INR 9.10 in Q3 FY23, according to the filing.
Neville Noronha, CEO and managing director, Avenue Supermarts Limited, said, “Contribution from general merchandise and apparel has stabilized and trends are encouraging post Diwali.”
He further said, “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.”
During the quarter, DMart expanded its operations by opening 5 new stores, thereby increasing the total store count to 341, as indicated in a statement.
D-Mart adheres to the Everyday Low Cost – Everyday Low Price (EDLC-EDLP) strategy. This approach focuses on acquiring goods at competitive prices through operational and distribution efficiency, ultimately providing customers with value for money by offering products at competitive prices.
Continue Exploring: Avenue Supermarts surpasses INR 12,624 Crore in Q2 total revenue, expands with 9 new DMart stores in Q2 FY24