Avenue Supermarts Reports 2% YoY Increase in Net Profit for June Quarter

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Also read :Avenue Supermarts Reports 2% YoY Increase in Net Profit for June Quarter

 Avenue Supermarts, the operator of DMart hypermarket chain, has reported a 2% YoY increase in net profit for the June quarter. The company recorded a net profit of Rs 695 crore, compared to Rs 679.64 crore in the same period last year. Revenue from operations showed a significant growth of 18% to reach Rs 11,584 crore in the June quarter, up from Rs 9,807 crore in the previous year. However, the company’s margins were slightly lower at 8.9%, down from 10.3% in the previous year.

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Also read :Avenue Supermarts Reports 2% YoY Increase in Net Profit for June Quarter

CEO and Managing Director Neville Noronha mentioned that while revenue grew by 18% in the quarter, lower gross margins were attributed to reduced sales contribution from apparel and general merchandise. However, the company is observing a recovery and return to pre-pandemic levels in the general merchandise segment. During the quarter, Avenue Supermarts opened three new stores, bringing the total number of stores to 327. Additionally, the company’s board has approved the offering of employee stock options (ESOPs) under the ESOP scheme 2023, with plans to grant up to 1,500,000 options to eligible employees in the General Management grade.

Also read :Avenue Supermarts Reports 2% YoY Increase in Net Profit for June Quarter

Following the financial results, the focus is likely to be on Avenue Supermarts’ shares in trading. The stock witnessed a slight increase of 0.48% to Rs 3,840 apiece on Friday. While shares have seen a 0.61% increase over the past five trading sessions, the stock has experienced a year-to-date decline of 5.71%.

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