Avenue Supermarts – owner and operator of retail chain DMart announced July-September quarter results for the financial year 2021-22, reporting a net profit of Rs 418 crore on a consolidated basis – up 110 per cent as compared to Rs 199 marked increase. crore in the same month last year.
The company’s profit has more than doubled in the second quarter of the current financial year, according to the regulatory filings given by Avenue Supermarts to the stock exchanges.
Avenue Supermart’s revenue from operations for the September quarter stood at Rs 7,789 crore as against Rs 5,306 crore in the year-ago period, showing a year-on-year growth of 46.79 per cent. The company’s earnings before tax, depreciation and amortization (EBITDA) stood at Rs 669 crore as compared to Rs 330 crore in the year-ago period.
“The Covid-19 related lockdown restrictions were further relaxed during this quarter. Revenue at DMart stores grew by 46.6 per cent over the same quarter last year. In the month of September 2020, there has been a growth of 23.7 per cent in DMart stores of two years and older as compared to September 2020.
We have 187 stores that are 2 years old or more. We have soft launched DMart Ready in the cities of Surat and Vadodara,” said Mr. Neville Noronha, CEO & Managing Director, Avenue Supermarts Ltd.
On Thursday, October 14, shares of Avenue Supermarts closed higher by 4.04 per cent at Rs 5,329.65 on the BSE. Avenue Supermarts opened at Rs 5,187 against an intraday high of Rs 5,420 and an intraday low of Rs 5,179.90 on BSE during the entire trading session.