PremiumAvenue Supermarts Ltd, which owns and operates retail chain D-Mart on Saturday reported a jump of 132% standalone net profit at ₹115.13 crore for the quarter ended 30 June, 2021. The company posted a net profit of ₹50 crore in the year-ago period.
D-Mart said its standalone revenue from operations rose 31.27 per cent to ₹5,031.75 crore for the quarter ended June 30.
The company had revenue from operations of ₹3,833.23 crore in the April-June quarter a year ago, Avenue Supermarts informed the BSE in a regulatory filing.
Total expenses in the quarter were ₹5,077.22 crore as against ₹3,875.01 crore in April-June 2020-21.
"Some cities announced early lockdowns and continue to have stringent measures in place even now while some cities eased the restrictions within 3-4 weeks after their early lockdown," the company said.
Despite lesser hours of operations during this lockdown, it had more customer footfalls than in the same period last year and this has translated into higher sales, it said.
One of the key reasons for this is even though restrictions on operations were more severe, personal mobility was relatively less stringent than last time's, it said.
"Q1 FY 2021-22 saw a much stronger second wave of COVID-19 restrictions. We lost significantly more days or had a higher restriction on a number of hours of store operations compared to the same period last year," Avenue Supermarts CEO & Managing Director Neville Noronha said.
According to the company, now lockdown measures are gradually reducing across multiple cities.
"Across these multiple periods of lockdowns, we have come to realize that a store needs at least 45 days of unhindered operational time to get back to pre-COVID sales momentum. We have not seen any significant impact on our supply chain during the quarter," it said.
The inventory is gradually moving towards normal levels and construction activity has also commenced at all sites, it added.
Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited, said: “Q1FY22 saw a much stronger second wave of Covid-19 restrictions. We lost significantly more days or had higher restriction on number of hours of store operations compared to the same period last year.
Shares of Avenue Supermarts Ltd on Friday settled at ₹3,313.30 apiece on the BSE, up 0.04 per cent from their previous close.
