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. 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 e...