D-Mart Owner Avenue Supermarts Reports 17% Jump in Q3 Profits

Avenue Supermarts, the retail powerhouse behind the popular D-Mart chain, has unveiled its Q3 fiscal year 2023-24 results, showcasing impressive financial growth. Let's delve into the key highlights of the report:

Strong Profit Surge

The consolidated net profit for Q3 reached Rs 690.41 crore, witnessing a substantial 17.09% increase from the previous year's Rs 589.64 crore. The standalone net profit also exhibited a robust growth of 14.9%, climbing from Rs 641.07 crore in the corresponding period.

Revenue Boom

Avenue Supermarts reported a consolidated revenue from operations of Rs 13,572.47 crore, marking a remarkable 17.31% YoY rise. On a standalone basis, revenue experienced a commendable 17.1% surge, reaching Rs 11,304.58 crore.

Elevated EBITDA

Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) for Q3FY24 stood at Rs 1,120 crore, compared to Rs 965 crore in the same quarter the previous year. The EBITDA margin remained consistent at 8.3%.

Challenges and Insights

While the festive season sales were slightly below expectations, particularly in non-FMCG segments, Neville Noronha, CEO & Managing Director, highlighted challenges in agri-staples due to high inflation.

Store Expansion

As of December 31, 2023, D-Mart's total store count stood at an impressive 341, underscoring the company's continued expansion efforts.

Leadership Addition

In a strategic move, Avenue Supermarts appointed Harishchandra M Bharuka, a seasoned industry veteran with four decades of experience, as an independent director for a five-year term starting January 13.

The robust performance of Avenue Supermarts in Q3 reflects its resilience in navigating market challenges and sustaining growth. Stay tuned for further updates as the retail giant continues to shape the landscape of the Indian retail sector.