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    Avenue Supermarts Q2 Results: PAT drops over 9% YoY to Rs 623 crore even as revenue jumps 19%

    Synopsis

    The company which operates DMart reported a consolidated revenue from operations at Rs 12,624 crore which was up by 18.66% from Rs 10,638.33 reported by the company in Q2FY23. On a sequential basis, the revenue grew 6.4% from Rs 11,865.44 crore in the June 2023 quarter. EBITDA margin for the quarter was 8%, down from 8.4% in Q2FY23.

    Avenue Supermarts Q2: PAT drops over 9% YoY to Rs 623 crore
    Avenue Supermarts on Saturday reported a consolidated net profit of Rs 623.35 crore for the quarter ended September 30, 2023, which was down by over 9% from Rs 685.71 crore reported by the company in the corresponding period of the previous financial year.

    The company which operates DMart reported a consolidated revenue from operations at Rs 12,624 crore which was up by 18.66% from Rs 10,638.33 reported by the company in Q2FY23. On a sequential basis, the revenue grew 6.4% from Rs 11,865.44 crore in the June 2023 quarter.

    The company's earnings before interest, tax, depreciation and amortization (EBITDA) in Q2FY24 stood at Rs 1,005 crore, as compared to Rs 892 crore in the corresponding quarter of last year.

    EBITDA margin for the quarter was 8%, down from 8.4% in Q2FY23.

    Basic Earnings per share (EPS) for Q2FY24 slipped to Rs 9.58 from Rs 10.58 on a year-on-year (YoY) basis.

    Standalone Results
    -Total Revenue at Rs 12,308 crore, up 18.5% YoY
    -EBITDA at Rs 1,002 crore, up 11.9% YoY
    -PAT at Rs 659 crore, declined 9.8% YoY
    -Basic EPS at Rs 10.12 compared to Rs 11.28 for Q2 FY23
    -9 stores were added in Q2FY24

    Half-yearly Performance
    Consolidated revenue for H1 FY24 stood at Rs 24,490 crore as against Rs 20,676 crore in the same period last fiscal. Consolidated net profit, meanwhile, is at Rs 1,282 crore for H1 FY24, as compared to Rs 1,329 crore in H1 FY23.

    PAT margin on half-yearly basis came in at 5.2%, lower than 6.4% in the corresponding period in FY23. Basic EPS for H1 FY24 stood at Rs 19.72 as compared to Rs 20.51 for H1 FY23.

    Commenting on the September quarter earnings, Neville Noronha, CEO & Managing Director of Avenue Supermarts said, “Q2 FY 2024 saw revenue growth of 18.5% as compared to the corresponding quarter of last year. Our gross margins continue to be lower compared to the same period in the previous year due to lesser contribution from the higher margin General Merchandise and Apparel business. We opened 9 new stores during the quarter taking our total store count to 336”.



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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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