DMart Reports 18% Revenue Jump in Q1; Net Profit Up by 2% at Rs 659 Cr
- ByStartupStory | July 16, 2023
Avenue Supermarts, the company behind the hypermarket chain DMart, has announced its financial results for the first quarter of the fiscal year ending June 2023 (Q1FY24). The company recorded a 2% year-on-year rise in net consolidated profit, reaching Rs 659 crore, compared to Rs 643 crore in the same quarter of the previous fiscal year. The total revenue for the quarter increased by 18.2% YoY, reaching Rs 11,865 crore, as compared to Rs 10,038 crore in the corresponding period last year.
The standalone total revenue for the quarter was Rs 11,584 crore, compared to Rs 9,807 crore in the same period last year. Net profits stood at Rs 695 crore, up from Rs 680 crore previously. The operating profit (EBITDA) for the quarter was Rs 1,036 crore, compared to Rs 1,008 crore in the year-ago period. However, the EBITDA margin declined to 8.9% in Q1FY24 from 10.3% in Q1FY23.
“Overall gross margins are lower compared to same period in the previous year, primarily due to lower sales contribution of apparel and general merchandise. However, general merchandise contribution is recovering and trending towards pre- pandemic levels,” CEO and Managing Director Neville Noronha said. The company opened three new stores in the quarter, taking the total count to 327. On Friday, Avenue Supermarts closed at Rs 3,840 on the NSE, up 0.48% from the previous day.
In addition, the board has given consent to offer employee stock options (ESOP) under the ESOP scheme 2023, subject to shareholder approval at the annual general meeting. DMart plans to offer up to 1,500,000 options to eligible employees in the General Management “G” Grade.
At the close of trading on the NSE, Avenue Supermarts’ stock price stood at Rs 3,840, representing a 0.48% increase from the previous day.
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