Avenue Supermarts Limited which owns and operates D-Mart stores, on Saturday posted a profit of Rs 623.56 crore for the quarter ended September 2023, down 9.1 per cent from Rs 685.77 crore during the same quarter of FY23. It posted revenue from operations at Rs 12,624.37 crore during the second quarter of FY24, up 18.7 per cent as against Rs 10,638.33 crore during Q2FY23. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q2FY24 stood at Rs 1,005 crore as compared to Rs 892 crore in the corresponding quarter of last year. EBITDA margin stood at 8.0 per cent during the quarter as compared to 8.4 per cent in Q2FY23. Basic Earnings per share (EPS) for Q2FY24, the company said, stood at Rs 9.58, as compared to Rs 10.58 for Q2FY23.
While the company posted a total income at Rs 12,661.29 crore, the total expenses incurred during the quarter was at Rs 11,809.35 crore.
Meanwhile, in terms of H1FY24, total revenue stood at Rs 24,490 crore, as compared to Rs 20,676 crore in the same period last year. The company net profit for H1FY24 stood at Rs 1,282 crore as compared to Rs 1,329 crore in H1FY23.
Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited, said, “Q2 FY 2024 saw revenue growth of 18.5 per cent 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.”
D-Mart is a supermarket chain that offers a range of home and personal products under one roof. The company offers a range of products with a focus on foods, non-foods (FMCG) and general merchandise & apparel product categories. The Company opened its first store in Mumbai in 2002. As of September 30, 2023, it had 336 operating stores with a retail business area of 13.9 million sqft across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.