- Avenue Supermart (D-Mart) reported a 53.3 percent year-on-year increase in standalone profit at Rs 394 crore compared to Rs 257 crore posted last year for the same quarter.
On Saturday, Avenue Supermart (D-Mart) reported a 53.3 percent year-on-year increase in standalone profit at Rs 394 crore compared to Rs 257 crore posted last year for the same quarter.
Revenue for the quarter increased to Rs 6,752 crore by 23.90 percent compared to Rs 5,451 crore reported for the year-ago period. Ebitda rose year by year to Rs 593 crore from Rs 453 crore. The quarter’s Ebitda margin stood at 8.8 percent, an increase of 50 basis points over 8.3 percent in the quarter of December 2018.
“Our growth on the top line was in line with estimates. Improvement of the PAT margin partly represents the gain from a reduction of corporate tax rates. In the first nine months of this financial year we have opened 20 stores,’ said Neville Noronha, CEO & Managing Director, Avenue Supermarts.
The PAT margin for the quarter increased from 4.5 percent in the quarter of August to 5.6 percent, the company said in a BSE filing.
For the year, net profit stood at Rs 384 Crore on a consolidated basis. In the corresponding quarter of last year, the company had earned Rs 247 Crore income.
Similarly, in the second quarter which ended in September 2019, Avenue Supermarts, DMart supermarket chain owner, reported a 47.54 percent year-on-year increase in net income at Rs 322.66 crore on Saturday. In the corresponding period last year, the company posted a net profit of Rs 218.69 crore.
Commenting on the company’s financial results, Neville Noronha, CEO & Managing Director, Avenue Supermarts said, “The quarter’s revenue growth was slightly lower than our expectations, while the gross margin improved over the corresponding period last year due to a better revenue mix. The increase of the PAT margin is aligned with revenue growth and is also accompanied by the reduction of corporate tax rates.
The company’s consolidated total income increased 22.26 percent from Rs 4,906.54 crore in the same period last year to Rs 5,998.90 crore during the quarter under review. In Q2FY20, earnings per share (EPS) jumped from Rs 3.62 in Q2FY19 to Rs 5.34. The company’s share price closed Friday at Rs 1843.25 by 1.23 percent. In the quarter of September, Avenue Supermarts opened 5 stores.
