Key Points
Avenue Supermarts on Saturday reported a consolidated net profit of Rs 623.35 crore for the quarter ended September 30, 2023, which was down by over 9% from Rs 685.71 crore reported by the company in the corresponding period of the previous financial year..
The company which operates DMart reported a consolidated revenue from operations at Rs 12,624 crore which was up by 18.66% from Rs 10,638.33 reported by the company in Q2FY23.Agencies..
Shares of Avenue Supermarts fell over 4% in the early trade on Monday to the day's low of Rs 3,772.75 after top brokerages highlighted sustained margin pressures in the company's operations while a couple of them cut their FY24 net profit estimates...
EBITDA missed estimates by a modest 2% while store addition of 12 in 1HFY24 was tepid and drove a reduction in FY2024 addition to 45, the brokerage said.. Nuvama: Buy | Target: Rs 4,021..
It said that there was a positive spurt in productivity in the September quarter as the revenue per square feet jumped 6% YoY despite the company missing again on EBITDA, which was up only 12% YoY and below Nuvama's estimates..
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