DMart Ready, the e-commerce business, commenced operations in one new city(Gurugram) during the year while continuing to deepen its presence in existing cities. “We are now present across 23 cities in India,” Noronha added.
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Avenue Supermarts Ltd, which owns and operates D-Mart stores, on Saturday reported a 22.39 per cent rise in consolidated net profit at Rs 563 crore for the fourth quarter ended March 2024.
The company had posted a consolidated net profit of Rs 460 crore in the corresponding quarter of the previous fiscal, Avenue Supermarts said in a regulatory filing.
Its consolidated total revenue for the quarter stood at Rs 12,727 crore compared to Rs 10,594 crore a year ago, it added. For the fiscal ended March 2024, the company said its consolidated net profit stood at Rs 2,536 crore against Rs 2,378 crore in FY23.
The company’s consolidated total revenue for FY24 was Rs 50,789 crore compared to Rs 42,840 crore in FY23. Avenue Supermart CEO & Managing Director Neville Noronha said DMart, the brick-and-mortar business, ended the year with growth across key financial parameters of revenue, EBITDA and PAT.
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The company opened 41 new stores during the year, and its total store count stands at 365. “Q4 FY2024 saw a continued uptick in the contribution from general merchandise and apparel,” Noronha said.
D-Mart Share Price Target After Q4 Results
JP Morgan double-upgraded the stock to ‘overweight’ from ‘underweight’ and raised the target to Rs 5,400 from Rs 3,555 apiece.
Jefferies maintained a ‘hold’ and raised the target to RS 4,300 from Rs 4,200 apiece.
Goldman Sachs continued with a ‘sell’ and raised the target price to Rs 3,900 from Rs 3,750 apiece.
Morgan Stanley maintained an ‘overweight’ rating with target price of Rs 5,123 apiece.
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Similarly, CLSA on Avenue Supermarts maintained a ‘buy’ and gave a target of Rs 5,535. Meanwhile, Macquarie continued with an ‘outperform’ and gave a target of Rs 5,150 apiece.
