[ad_1]
New Delhi: DMart operator Avenue Supermarts, on Saturday, has reported an increase of 18.6% in consolidated total revenue at Rs 12,624.37 crore for the second quarter (Q2) ended September 30, 2023, as compared to Rs 10,638.33 crore revenue in the same period of the previous fiscal year, the company said in a regulatory filing.
However, the retail chain’s consolidated net profit declined 9% to Rs 623.35 crore in Q2 FY24, as compared to Rs 685.71 crore in the corresponding quarter of last year. Also, its PAT margin stood at 4.9% in Q2FY24 as compared to 6.4% in Q2FY23.
According to the BSE filing, its Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q2 FY24 stood at Rs 1,005 crore, as compared to Rs 892 crore in the corresponding quarter of last year. Its EBITDA margin stood at 8.0 % in Q2 FY24 as compared to 8.4% in Q2 FY23.
Commenting on the company’s quarterly performance, Neville Noronha, CEO and managing director of Avenue Supermarts Limited, 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.”
Further, the company shared that it opened 9 new stores during the quarter taking its total store count to 336, as of September 30, 2023. It offers a wide range of products with a focus on foods, non-foods (FMCG) and general merchandise and apparel product categories.
Currently, D-Mart follows Everyday low cost – Everyday low price (EDLC-EDLP) strategy which aims at procuring goods at competitive prices, using operational and distribution efficiency and thereby delivering value for money to customers by selling at competitive prices.
[ad_2]
Source link