Avenue Supermarts Q2 net profit up 48 to Rs 327 crore

By

Maverick Martins

Published
Oct 14, 2019

Avenue Supermarts, which owns and operates the D-Mart chain, witnessed a 48 percent jump in its net profit to Rs 327 crore ($46.1 million) for the second quarter ended September 2019 as against Rs 219 crore it had reported the previous fiscal.
 

The company’s revenue for the quarter also jumped 23 percent to Rs 5,999 crore for the quarter as against Rs 4,906 crore it reported in the year-ago period.
 
Avenue Supermarts earnings before interest, tax, depreciation, and amortization (EBITDA) was Rs 517 crore as compared to Rs 388 crore it reported in the corresponding quarter last year.

Commenting on the Q2 results, Neville Noronha CEO & managing director at Avenue Supermarts in a statement said: "Revenue growth for the quarter was slightly lower than our estimates while gross margin saw improvement over the corresponding period last year due to better revenue mix.
 
"PAT margin improvement is in line with revenue growth and also aided by a revision in corporate tax rates," he added.
 
During the July-September period, Avenue Supermarts strengthened its retail presence with the addition of five new stores to take its store count to 187 in India.