Avenue Supermarts, which runs the DMart chain of stores, on Saturday reported a 22.4% year-on-year (YoY) growth in its consolidated net profit to Rs 563 crore for the March 2024 quarter (Q4FY24), which was below Street estimates of Rs 599 crore for the period.

The retailer had reported a consolidated net profit of Rs 460 crore in the corresponding period last year.

The company’s consolidated revenue for the quarter jumped 20.1% YoY to Rs 12,727 crore, versus Rs 10,594 crore reported in the year-ago period.

This compares favourably with Bloomberg consensus estimates of Rs 12,553 crore for the quarter under review.

The company had already indicated in its quarterly update a month ago that standalone revenue had jumped nearly 20% to Rs 12,393 crore in Q4, which was ahead of the 17-18% revenue growth seen between Q1 and Q3FY24.

In a statement following its results on Saturday, Neville Noronha, CEO and managing director, Avenue Supermarts, said that the March quarter saw an uptick in the contribution from general merchandise and apparel, which gives the company about 23% of its total sales.

The retailer derives around 56% of its revenue from foods and 21% from non-food FMCG.

Store additions at 24 outlets in Q4 were the highest addition in 12 months, with revenue per store growing 7% year-on-year to Rs 34 crore in the March quarter.

The retailer’s earnings before interest, tax, depreciation and amortisation (Ebitda) jumped 22.3% YoY to Rs 944 crore while its operating profit margin rose to 7.4% as against 7.3% reported in the March 2023 quarter.

Bloomberg consensus estimates had pegged Ebitda at Rs 958 crore for the quarter. While, Ebitda margins were in line with Street estimates.

For the full-year ended March 31, 2024 (FY24), Avenue Supermarts reported a 5.4% year-on-year growth in net profit to Rs 2,695 crore. While, revenue grew 18.4% versus the previous year to Rs 49,533 crore and Ebitda grew 12% versus last year to Rs 4,099 crore.

In all, the company added 41 stores in FY24, taking its total store count to 365 with a retail business area of 15.15 million sq.ft.

Noronha said that two years and older DMart stores had grown by 9.9%  in FY24 versus FY23. And almost 78% or 284 stores out of the total store count of 365 were two years and above in terms of age.