Avenue Supermarts Q1FY24 PAT up by 2.3% at Rs 695 crore

Avenue Supermarts Ltd. (ASL), one of India's largest food & grocery retailers, posted a net profit of Rs 695 crore, up 2.3% for Q1FY24 compared to Rs 680 crore in the corresponding quarter of last year. PAT margin stood at 6.0% in Q1FY24 compared to 6.9% in Q1FY23.

Total Revenue for the quarter ended June 30, 2023, stood at Rs 11,584 crore as compared to Rs 9,807 crore in the same period last year. 

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q1FY24 stood at Rs1,036 crore as compared to Rs 1,008 crore in the corresponding quarter of last year. 

EBITDA margin stood at 8.9% in Q1FY24 as compared to 10.3% in Q1FY23.

D-Mart follows the 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.

Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited, said: “Our revenue grew by 18% in this quarter over the corresponding quarter of last year. Overall gross margins are lower compared to the same period in the previous year, primarily due to lower sales contribution of apparel and general merchandise. However, general merchandise contribution is recovering and trending towards pre-pandemic levels. We opened 3 new stores during the quarter. Our total stores now stand at 327.”

Source: Media reports

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