Avenue Supermarts, the company behind DMart, has reported a 22.3% increase in its consolidated net profit for the fourth quarter ended in March 2024. The profit surged to INR 563.14 crore compared to INR 460 crore in the same quarter last year.
The profit after tax (PAT) margin for Q4 FY24 was 4.4%, up from 4.3% in Q4 FY23. Basic earnings per share (EPS) for Q4 FY24 were INR 8.66, compared to INR 7.10 for Q4 FY23.
According to the BSE filing, the company’s total revenue from operations increased to INR 12,727 crore in Q4 FY24, up from INR 10,594 crore in the corresponding period last year.
In Q4 FY24, DMart saw a rise in its earnings before interest, tax, depreciation, and amortization (EBITDA) to INR 944 crore, up from INR 772 crore in the same quarter of the previous year. The EBITDA margin for Q4 FY24 was 7.4%, slightly higher than the 7.3% recorded in Q4 FY23.
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The company’s total revenue for FY24 increased to INR 50,789 crore from INR 42,840 crore in the corresponding period last year. Its EBITDA for FY24 amounted to INR 4,104 crore compared to INR 3,637 crore in FY23. The EBITDA margin for FY24 was 8.1%, down from 8.5% in FY23, as indicated in the filing.
For FY24, the net profit rose to INR 2,536 crore from INR 2,378 crore in FY23.
Regarding DMart’s brick-and-mortar business and overall performance, Neville Noronha, CEO and Managing Director, stated, “We concluded the year with growth in key financial indicators such as revenue, EBITDA, and PAT. DMart stores aged two years and older experienced a growth of 9.9% during FY 2024 compared to FY 2023.”
The company stated it operates 284 stores aged 2 years or older. Furthermore, over the fiscal year 2023-24, it opened 41 new stores, bringing the total store count to 365.
Throughout the quarter (Q4), the supermarket chain has observed a sustained increase in the contribution from general merchandise and apparel. The improvement in gross margin during Q4 FY24 compared to the same quarter of the previous fiscal year reflects this enhanced mix.
In regards to DMart Ready, its online business, Noronha mentioned, “Our e-commerce operations expanded into one new city (Gurugram) during the year, alongside reinforcing our presence in current cities.”
At present, the company maintains an online presence in 23 cities across India.
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