Avenue Supermarts Ltd

Revenue from operations increased 20.13% to Rs 12,726.55 crore in the quarter ended 31 March 2024.

In Q4 FY24, profit before tax (PBT) stood at Rs 763.20 crore , up 22.12% YoY.

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q4FY24 stood at Rs.944 crore, registering the growth of 22.28% as compared to Rs 772 crore in the corresponding quarter of last year. EBITDA margin stood at 7.4 % in Q4FY24 as compared to 7.3% in Q4FY23.

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.

On Standalone basis, the company’s net profit jumped 19.6% to Rs 604 crore in Q4 FY24 as compared with Rs 505 crore in Q4 FY23. Revenue from operations increased 19.89% to Rs 12,393 crore in the quarter ended 31 March 2024 as compared with Rs 10,337 crore posted in quarter ended 31 March 2023.

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q4FY24 stood at Rs 940 crore, as compared to Rs 782 crore in the corresponding quarter of last year. EBITDA margin stood at 7.6% in Q4FY24 as compared to 7.6% in Q4FY23.

Neville Noronha, CEO & managing director, Avenue Supermarts, said: “DMart (Brick and Mortar) Business Overview, we ended the year with growth across key financial parameters of revenue, EBITDA and PAT. Two years and older DMart stores grew by 9.9% during FY 2024 as compared to FY 2023. We have 284 stores that are 2 years or older. We opened 41 new stores during the year and our total store count stands at 365. Q4 FY 2024 saw continued uptick in the contribution from General Merchandise and Apparel. Our Gross Margin improvement (Q4 FY 2024 versus Q4 FY 2023) reflects this mix improvement.”

Mumbai-based Avenue Supermarts owns and runs the popular D-Mart stores, a national supermarket chain offering a variety of home and personal products.

The scrip rose 0.64% to Rs 4,639.90 on the BSE.

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Net profit of Avenue Supermarts rose 22.41% to Rs 563.25 crore in the quarter ended March 2024 as against Rs 460.13 crore during the previous quarter ended March 2023. Sales rose 20.13% to Rs 12726.55 crore in the quarter ended March 2024 as against Rs 10594.11 crore during the previous quarter ended March 2023.

For the full year,net profit rose 6.63% to Rs 2536.17 crore in the year ended March 2024 as against Rs 2378.51 crore during the previous year ended March 2023. Sales rose 18.56% to Rs 50788.83 crore in the year ended March 2024 as against Rs 42839.56 crore during the previous year ended March 2023.

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Avenue Supermarts will hold a meeting of the Board of Directors of the Company on 4 May 2024.

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The key benchmark indices traded with moderate gains in early trade. The Nifty traded above 22,700 level. Metal, Oil& gas and realty shares advanced while pharma, IT and healthcare stocks declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 258.85 points or 0.35% to 74,945.76. The Nifty 50 index added 71.10 points or 0.31% to 22,713.85.

In the broader market, The S&P BSE Mid-Cap index rose 0.47% and the S&P BSE Small-Cap index added 0.19%.

The market breadth was positive. On the BSE, 1,566 shares rose and 1,187 shares fell. A total of 91 shares were unchanged.

The domestic market will remain closed on 11 April 2024, on account of Ramadan Eid.

Foreign portfolio investors (FPIs) sold shares worth Rs 593.20 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,257.18 crore in the Indian equity market on 9 April, provisional data showed.

Stocks in Spotlight:

Avenue Supermarts added 1.90% after the company has opened a new store at Vaishnavi Sapphire Mall, Bengaluru (Karnataka). The total number of stores as on date stands at 366.

Lupin rose 1.62% after the pharma major said that it has received an approval from US Food and Drug Administration (USFDA) to launch first generic version of Oracea (Doxycycline capsules, 40 mg) in the United States.

PB Fintech rallied 4.66% after the wholly-owned subsidiary of the company by the name of “PB Pay” has been incorporated vide Certificate of Incorporation issued by Registrar of Companies, Central Registration Centre, Ministry of Corporate Affairs dated 9 April 2024.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.39% to 7.126 as compared with previous close 7.154.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.1750, compared with its close of 83.3150 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.16% to Rs 71,451.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was shed 0.03% to 104.12.

The United States 10-year bond yield fell by 0.21% to 4.355.

In the commodities market, Brent crude for May 2024 settlement added 5 cents or 0.06% to $ 89.47 a barrel.

Global Markets:

Asian stocks traded mixed on Wednesday as of Japan’s corporate inflation climbed in March and rate decisions are assessed from New Zealand and Thailand’s central banks.

South Korea’s markets are closed Wednesday, as the country heads to the polls to elect its next parliament. Japan’s corporate goods price index rose 0.8% in March from a year ago, accelerating from the revised 0.7% increase in February.

U.S. stock indexes ended nearly flat on Tuesday, pressured by financial-sector stocks as investors awaited a key inflation reading and braced for major banks to kick off earnings-reporting season later this week. The widely watched report on March's consumer-price index is due on Wednesday.

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DMart has reported standalone revenue of Rs 12,393.46 crore in quarter ended 31 March 2024, recording a growth of 19.89% from Rs 10,337.12 crore posted in the same period a year ago.

The revenue is higher than Rs 8,606.09 crore reported in the quarter ended 31 March 2022 and Rs 7,303.13 crore registered in the quarter ended 31 March 2021.

Avenue Supermarts is a Mumbai-based company, which owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof.

The company’s standalone net profit grew by 14.9% to Rs 737 crore on 17.2% jump in revenue from operations to Rs 13,247 crore in Q3 FY24 over Q3 FY23.

The scrip hit 52 week high at Rs 4,710.15 in intraday today.

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The key equity indices were trading with modest gains in early trade. The Nifty traded above the 22,500 level. Barring the Nifty Pharma index, all the sectoral indices on the NSE were in green.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 381.1 points or 0.52% to 74,257.92. The Nifty 50 index added 106.40 points or 0.47% to 22,539.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.61% and the S&P BSE Small-Cap index added 0.93%.

The market breadth was strong. On the BSE, 2,473 shares rose and 430 shares fell. A total of 74 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,213.56 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,102.41 crore in the Indian equity market on 3 April, provisional data showed.

The RBI Monetary Policy Committee (MPC) kicked off its 3-day meeting deliberating interest rates and analysing the state of the economy on April 3 and will end on April 5. While the RBI is widely expected to keep rates on hold, any signals on inflation and economic growth will be closely watched, as per reports.

Stocks in Spotlight:

Avenue Supermarts gained 3.12% after the company’s Standalone revenue from operations for the quarter ended 31 March 2024 stood at Rs 12,393.46 crore as compared to Rs 10,337.12 crore from the quarter ended 31 March 2023.

Vedanta advanced 3.84% after the Vedanta Aluminium announced the successful commissioning of the new 1.5 MTPA expansion at its alumina refinery in Lanjigarh, Odisha. Vedanta Aluminium is a business of Vedanta.

KEC International surged 7.94% after the company has secured new orders of Rs. 816 crores across its various businesses.

Vodafone Idea rose 0.96%. The board meeting is proposed to be held on 6 April 2024 for considering issuance of equity / convertible securities on preferential basis to one or more promoter group entities for a sum upto Rs. 2075 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.01% to 7.103 as compared with previous close 7.104.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.4375, compared with its close of 83.5300 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.32% to Rs 69,999.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 104.22.

The United States 10-year bond yield rose 0.32% to 4.368.

In the commodities market, Brent crude for June 2024 settlement added 60 cents or 0.67% to $89.52 a barrel.

Global Markets:

Asian stocks were trading higher on Thursday taking some positive cues from a mildly stronger overnight close on Wall Street. Markets in Hong Kong, mainland China and Taiwan are closed for a public holiday.

U.S. stocks closed mixed on Wednesday as investors digest comments from U.S. Federal Reserve Chairman Jerome Powell. Powell said it would take a while for policymakers to evaluate the current state of inflation, keeping the timing of potential interest rate cuts uncertain.

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Net profit of Avenue Supermarts rose 17.12% to Rs 690.61 crore in the quarter ended December 2023 as against Rs 589.68 crore during the previous quarter ended December 2022. Sales rose 17.32% to Rs 13572.47 crore in the quarter ended December 2023 as against Rs 11569.05 crore during the previous quarter ended December 2022.

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The profit after tax (PAT) margin was reported at 5.5% in Q3FY24, slightly lower than the 5.7% recorded in Q3FY23.

Additionally, the Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for Q3FY24 increased by 15% to Rs 1,121 crore, compared to Rs 974 crore in the same quarter of the previous year. The EBITDA margin stood at 8.5% in Q3FY24, a slight decrease from 8.6% in Q3FY23.

The company expanded its footprint by adding 5 stores in Q3FY24.

Neville Noronha, CEO & Managing Director, Avenue Supermarts, said: We ended Q3 FY 2024 with a revenue growth of 17.2% as compared to the corresponding quarter of last year. Contribution from General Merchandise and Apparel has stabilised and trends are encouraging post Diwali. This time the festive season sales were lower than expected in Non-FMCG. Within FMCG, agri-staples (ex-edible oil) are going through significantly high inflation. We opened 5 new stores during the quarter. Our total stores now stand at 341.

Mumbai-based Avenue Supermarts owns and runs the popular D-Mart stores, a national supermarket chain offering a variety of home and personal products. The company inaugurated its first store in Mumbai in 2002 and has since expanded to operate 341 stores as of 31 December 2023. These stores span a retail business area of 14.19 million square feet across numerous states including Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh, and Punjab.

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Avenue Supermarts will hold a meeting of the Board of Directors of the Company on 13 January 2024.

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DMart has reported a standalone revenue of Rs 13,247.33 crore in quarter ended 31 December 2023, recording a growth of 17.19% from Rs 11,304.58 crore posted in the same period a year ago.

The revenue is higher than Rs 9,065.02 crore reported in the quarter ended 31 December 2021 and Rs 7,432.69 crore registered in the quarter ended 31 December 2020.

Avenue Supermarts is a Mumbai-based company, which owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof.

The company reported 9.07% decline in consolidated net profit to Rs 623.56 crore in Q2 FY24 as against Rs 685.77 crore posted in Q2 FY23. Revenue from operations jumped 18.67% year on year to Rs 12,624.37 crore in the quarter ended 30 September 2023.

Shares of Avenue Supermarts rose 0.96% to end at Rs 4,105.35 on the BSE.

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