D-Mart owner Avenue Supermarts records 18.5% revenue growth in Q2FY24

Avenue Supermarts Ltd. (ASL), a major player in the food & grocery retail sector in India and owner of D-Mart stores, has recently unveiled its standalone and consolidated financial outcomes for Q2 and H1 ending September 30, 2023. The firm, known for its strategic financial management, has showcased significant growth, especially in the revenue front.

Standalone Results Showcase

1. Q2 Revenue Jump: ASL reported a total revenue of Rs.12,308 crore in Q2FY24, marking an 18.5% rise from the Rs.10,385 crore achieved in Q2FY23.
2. EBITDA: The quarter witnessed an EBITDA of Rs.1,002 crore, growing by 11.9% from the previous year’s Rs. 895 crore.
3. PAT Dips: The net profit was Rs. 659 crore, slightly lower by 9.8% from the Rs. 730 crore in Q2FY23, due to a one-time tax adjustment.
4. Basic EPS: EPS came in at Rs.10.12 for Q2FY24, compared to Rs.11.28 for Q2FY23.
5. Store Expansion: ASL opened 9 new outlets this quarter, expanding their network to 336 stores.

D-Mart owner Avenue Supermarts announces Q2FY24 financial results. Photo courtesy of Chaitra. B. H./Wikimedia Commons.

Consolidated Figures Indicate Steady Growth

• Q2 Consolidated Revenue: Stood at Rs. 12,624 crore, marking a year-on-year growth against Rs.10,638 crore in Q2FY23.
• Net Profit & EPS: A net profit of Rs. 623 crore was reported, with an EPS of Rs. 9.58 for Q2FY24, in comparison to Rs. 686 crore and Rs. 10.58 EPS in Q2FY23.

In his statement, Neville Noronha, the CEO & Managing Director of Avenue Supermarts Limited, emphasized the revenue growth of 18.5% in Q2 FY 2024. However, he also highlighted the challenge of lower gross margins due to a reduced contribution from the higher-margin General Merchandise and Apparel business. The proactive move to add 9 new stores to their fleet showcases the company’s aggressive expansion plan.