Avenue Supermarts, which operates the retail chain D-Mart, on Saturday reported a consolidated net profit of Rs 690.41 crore in the quarter ended December 31, up 17.09% from Rs 589.64 crore reported a year ago.
Consolidated revenue from operations at Rs 13,572.47 crore in the December quarter was also up 17.31% from the year-ago period, despite lower festive season sales seen in non-fast-moving consumer goods (FMCG) categories, the company said in a statement.
Earnings before interest, taxes, depreciation and amortisation (Ebitda) during the quarter grew 16% year-on-year (y-o-y) to Rs 1,119.89 crore. However, operating margins dipped marginally to 8.25% in the third quarter from 8.34% reported a year ago, amid a 17.3% y-o-y rise in total expenses to Rs 12,656.46 crore in the period under review. Staff expenses rose 22% to Rs 234.31 crore from Rs 192.31 crore a year ago.
In its Q3 update, the company had said that its standalone revenue from operations rose 17.19% y-o-y to `13,247.33 crore. Standalone profit for the period rose 14.9% y-o-y to Rs 737 crore, the results showed.
The firm had also said that it had 341 stores at the end of the December quarter, implying a net addition of 5 stores during the period. This is lower than the nine stores added in the September quarter. For the nine months ended December 31, the company added a total of 17 stores, its results showed.
“Contribution from general merchandise and apparel has stabilised and trends are encouraging post Diwali.Within FMCG, agri-staples (ex-edible oil) are going through significantly high inflation,” Avenue Supermarts managing director & chief executive officer Neville Noronha, said.
For the nine months ended December 31, the consolidated net profit rose nearly 3% y-o-y to Rs 1,972 crore, and revenue grew 18% y-o-y to Rs 38,062 crore. Ebitda for the period was Rs 3,160 crore, as compared to Rs 2,866 crore a year ago. And Ebitda margin stood at 8.3%, compared to 8.9% a year ago.
On Friday, shares of Avenue Supermarts ended 0.56% higher on the BSE at Rs 3,840.10 apiece.
Avenue Supermarts also said that it had approved the appointment of H M Bharuka, an industry veteran with four decades of experience in the paints sector, as its independent director for a term of five years starting January 13, 2023.