New Delhi: Avenue Supermarts Ltd. (ASL), the parent company of the popular D-Mart supermarket chain has reported a year-on-year increase in total revenue by 18.5%, reaching Rs 12,308. However, the profit after tax declined to Rs 623 crore, reflecting a 9.8% decrease from the preceding year.
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Commenting on the performance of the company Mr. Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited, said: “Q2 FY 2024 saw revenue growth of 18.5% as compared to the corresponding quarter of last year. Our gross margins continue to be lower compared to the same period in the previous year due to lesser contribution from the higher margin General Merchandise and Apparel business. We opened 9 new stores during the quarter taking our total store count to 336.”
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Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) reached Rs. 1,002 Crore, representing a significant growth of 11.9%. Net Profit stood at Rs. 623 crore for Q2FY24, as compared to Rs. 686 crore in the corresponding quarter of last year. PAT margin stood at 4.9% in Q2FY24 as compared to 6.4% in Q2FY23.
The company, as reported, continued to maintain healthy financials. Basic Earnings Per Share (EPS) for Q2 Fy24 was reported at Rs 10.12, which was a slight drop from Rs 11.28 from the last year. In the last quarter, ASL added nine new stores.
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Avenue Supermarts Limited is a Mumbai-based company, which owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof. The Company offers a wide range of products with a focus on Foods, Non-Foods (FMCG) and General Merchandise & Apparel product categories.
