Business News/ Companies / Company Results/  DMart Q3: Profit up by 6.6% to 589.68 cr, revenue rises by 25%

Avenue Supermarts on Saturday reported consolidated profit after tax rose by 6.7 per cent to 589.68 crore for the quarter ended December 2022. This is against a profit of 552.56 in the corresponding quarter last fiscal.

Radhakishan Damani-owned Avenue Supermarts, which runs DMart chain, reported revenue from operations were up by 25 per cent to 11,569.05 as against 9,217.76 in the corresponding quarter in last fiscal.

The earnings before interest, tax, depreciation and amortization (EBITDA) in Q3FY23 stood at Rs.965 crore, as compared to Rs. 866 crore in the corresponding quarter of last year.

The EBITDA margin stood at 8.3 % in Q3FY23 as compared to 9.4% in Q3FY22.

DMart added four stores in the December quarter.

"Q3 saw our revenues grow by 24.7% over the corresponding quarter of last year. FMCG and staples segment continued to outperform the general merchandise and apparel segments. Gross margin percentage decline over the corresponding quarter of last year is a reflection of this mix change. Discretionary non-FMCG sales did not do as well as expected in this quarter," said Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited.

The company has expanded its e-Commerce operations in four new cities while continuing to deepen its presence in the existing 18 cities. Its operations now span across 22 cities in India.

Avenue Supermarts is also starting its pharmacy shop-in-shop which it has launched in one if its store.

"We are in the process of commencing a pharmacy shop-in-shop through one of our subsidiary (Reflect Healthcare and Retail Private Limited) at one of our stores. This is yet another pilot that will complement our brick and mortar business using our existing store infrastructure," added CEO & Managing Director, Neville Noronha.

In the quarter ended September 2022, Avenue Supermarts reported near 29 per cent jump in net profit after tax (PAT) to 730.48 crore.

In previous quarter, Radhakishan Damani's company reported total comprehensive income at 727.19 crore whereas it stood at 561.16 crore in Q2FY22.

DMart or Avenue Supermarts share price ended at 3,855 apiece on Friday. DMart share price has remained under sell off heat in last six months. In last one month, Avenue Supermarts share has nosedived to the tune of over 8 per cent whereas in last six months, it has lost near 2 per cent on NSE.

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Updated: 15 Jan 2023, 05:28 AM IST
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