January 21, 2022

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

Avenue Supermarts sees 25% rise in profit with addition of 17 stores

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, Avenue Supermarts sees 25% rise in profit with addition of 17 stores, The World Live Breaking News Coverage & Updates IN ENGLISH
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, Avenue Supermarts sees 25% rise in profit with addition of 17 stores, The World Live Breaking News Coverage & Updates IN ENGLISH

Avenue Supermarts has added 17 stores during Q3FY22, and there was 29 stores addition in April-December period of 2021.

, Avenue Supermarts sees 25% rise in profit with addition of 17 stores, The World Live Breaking News Coverage & Updates IN ENGLISH

Avenue Supermarts operates hypermarkets retail chain DMart

Hypermarket chain operator Avenue Supermarts clocked double-digit growth in earnings for the quarter ended December 2021, though the overall gross margins were marginally lower due to mix deterioration.

The standalone profit for Q3FY22 grew 24.57 percent year-on-year to Rs 585.79 crore, and revenue from operations stood at Rs 9,065 crore, up 22 percent from Rs 7,432.7 crore a year ago, said the company owned by ace investor Radhakishan Damani in its BSE filing on January 8.

“General merchandise and apparel business is consistently seeing relatively lesser sales contribution, while essentials and FMCG are doing better. Inflation and lesser opportunities to go out are negatively impacting certain categories more than others,” said Neville Noronha, CEO and Managing Director of the company.

“We are seeing higher inflation as an opportunity to make our buying more efficient, our assortment sharper and continue to keep our costs low,” he said.

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At the operating level, the company registered a strong 25.6 percent year-on-year growth in EBITDA at Rs 868 crore in the December 2021 quarter and reported an EBITDA margin at 9.6 percent for the quarter, up 30 bps compared to 9.3 percent in year-ago period. EBITDA is earnings before interest, tax, depreciation and amortisation.

During the nine months to December 2021, its profit grew 57.4 percent to Rs 1,150 crore and revenue increased 31.9 percent to Rs 21,746 crore, compared to corresponding period last fiscal.

Avenue Supermarts has added 17 stores during Q3FY22, and there was 29 stores addition in April-December period of 2021.

Moneycontrol News

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