Avenue Supermarts Q2 net profit jumps 113 percent to Rs 449 crore

By

Maverick Martins

Published
Oct 18, 2021

Avenue Supermarts Ltd, which owns and operates retail chain Dmart, witnessed a 113 percent surge in its standalone net profit at Rs 449 crore ($60 million) for the quarter ended 30 September 2021, as against a net profit of Rs 210 crore it reported in the year-ago period.
 

The company’s revenue for the quarter rose 46 percent to Rs 7,650 crore, as against a revenue of Rs 5,218 crore it reported in the year-ago period.
 
Total expenses in the quarter were Rs 7,086 crore, as compared to Rs 4991 crore in the corresponding quarter last year.

Commenting on the results, Neville Noronha, CEO and managing director of Avenue Supermarts Limited, in a statement said: “Covid-19 related lockdown restrictions were eased further during this quarter. Revenue in the Dmart stores grew by 46 percent over the corresponding quarter of last year. Two years-and-older Dmart stores grew by 24 percent in the month of September 2021 as compared to September 2020.”
 
“All our premises continue to follow all Covid-19 related protocols for the safety of our customers and employees. More than 96 percent of all our eligible employees have taken their second dose of vaccination. We continue to encourage all eligible employees to get fully vaccinated,” he added.
 
Dmart stores house a wide selection of fast-moving consumer goods including beauty products, personal care items, clothing, home linens, and bath products among many other categories.