D-Mart net profit up 47.5% to Rs174.77 crore
Mumbai: Avenue Supermarts, the parent of modern retail chain D-Mart, on Saturday reported net profit of Rs174.77 crore for the quarter ended 30 June, up 47.5% year-on-year.
The company’s total revenue increased 36.2% year-on-year to Rs3,620.95 crore. This comes on the back of higher operational income and a more than four-fold jump in other income year-on-year for the quarter to Rs22.82 crore.
D-Mart also added a store during this quarter.
“We have transitioned into the (goods and services tax) GST regime with minimal migration challenges,” CEO and MD Neville Noronha said in a press statement. “While supplies from certain vendors could see a short term disruption, we are optimistic that GST will create excellent opportunities for small and medium businesses to become preferred suppliers to organized retail in the near to long term.”
The company’s earnings per share during the quarter increased 32.7% year-on-year from Rs2.11 per share to Rs2.80 per share.