Avenue Supermarts, which runs the D-Mart supermarkets chain, today posted a 47.6 per cent jump in its net profit at Rs 174.77 crore for the quarter ended June 30. The company had reported a net profit of Rs 118.44 crore in the corresponding quarter a year ago. Its total income in the quarter under review stood at Rs 3,598.13 crore, up 35.7 per cent, against Rs 2,652.39 crore in the year-ago period, Avenue Supermarts said in a BSE filing. Avenue Supermarts CEO & Managing Director Neville Noronha said the company has transitioned into the GST regime with minimal migration challenges.
“While supplies from certain vendors could see a short term disruption, we are optimistic that GST will create excellent opportunities for small and medium businesses to become preferred suppliers to organised retail in the near to long term,” he added. Avenue Supermarts listed on the stock exchanges with a blockbuster listing in March this year, making Radhakishan Damani — the founder of the company and a low-profile investor — a part of India’s richest 20 club. At present, the company operates 132 stores in Maharashtra, Gujarat, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR and Chhattisgarh.