Tuesday, June 18, 2024

DMart revenue from operations up 20% to ₹10,337 cr in Q4

Avenue Supermarts Ltd, which runs retail chain DMart, on Wednesday reported that its revenue from operations for the quarter ended March 2023, stood at 10,337 crore. This is 20 per cent jump from 8,606.09 crore revenue from operations reported in the corresponding quarter last fiscal.

The total number of stores as of 31 March, 2023 stood at 324, said Radhakishan Damani led Avenue Supermarts in its regulatory filing.

The shares of DMart ended 2.77 per cent up at 3,654.15 on BSE. So far this year, the stock is down 10.31 per cent. In the last one year, the stock has declined by 10.94 per cent.

DMart’s scrip has hit 52-week high of 4,606 apiece on 2 September, 2022.

Avenue Supermarts reported consolidated profit after tax rose by 6.7 per cent to 589.68 crore for the quarter ended December 2022. This is against a profit of 552.56 in the corresponding quarter last fiscal.

The revenue from operations were up by 25 per cent to 11,569.05 as against 9,217.76 in the corresponding quarter in last fiscal. The earnings before interest, tax, depreciation and amortization (EBITDA) in Q3FY23 stood at Rs.965 crore, as compared to Rs. 866 crore in the corresponding quarter of last year.

Brokerage firm Prabhudas Lilladher has given a ‘buy’ rating to Radhakishan Damani led Avenue Supermart even though the stock has corrected from its 52-week high. The brokerage said that it remains ‘positive’ on Avenue Supermart which runs DMart, as it has increased its presence in 22 cities, along with reducing the delivery time to one day. The company has also reduced its delivery charge!

The brokerage also said that DMart has a huge growth due to low probability of heightened competition in modern trade, and can scale up in DMart Ready. It has given a ‘buy’ with a target price of 4699.

In its note, Prabhudas said that with attractive prices and far better consumer proposition than Big Basket, DMart Ready to turn EBIDTA positive by FY25 and PAT positive by FY27.

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