Avenue Supermarts Q1 Update: Standalone revenue jumps 18% YoY to Rs 13,712 crore

Avenue Supermarts, which operates DMart stores, reported a standalone revenue of Rs 13,712 crore for the quarter ended June 30, 2024, up from Rs 11,584 crore reported in the year-ago period. It’s an 18% year-on-year jump.

The total number of stores as on June 30, 2024, stood at 371, including one at Gujarat's Rajkot temporarily closed for customers, the company on Tuesday revealed in its quarterly update in the filing to the exchanges.

The update was given after market hours and the stock ended the day at Rs 4,782 on the NSE, up by Rs 46.10 or 0.97% over Monday’s closing price.

Avenue Supermarts' consolidated net profit for the quarter ended March 2024 jumped 22.4% to Rs 563 crore as against Rs 460 crore in the corresponding quarter of the previous financial year. The company's revenue jumped 20% year-on-year (YoY) to Rs 12,727 crore. The retailer's EBITDA rose 22.3% YoY to Rs 943 crore while its operating profit margin also saw growth of 13 bps at 7.41%.

In the March quarter, continued uptick was seen in contribution from general merchandise and apparel. Improvement in gross margins on a YoY basis reflects this mix improvement.

The company's e-commerce business commenced operations in Gurugram during the year while continuing to deepen its presence in existing cities. Mumbai-based Avenue Supermarts is now present across 23 cities in India.

Basic EPS for Q4 grew to Rs 9.28 as compared to Rs 7.80 in Q4 of FY23.

During the quarter, DMart added 24 stores, while 41 stores were added in the entire FY24. As of March 31, 2024, the company had 365 operating stores with a retail business area of 15.15 million sq. ft across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.