Avenue Supermarts Q3 profit jumps 53 percent to Rs 394 crore
today Jan 12, 2020
Avenue Supermarts, the operator of retail chain D-Mart, witnessed a 53 percent rise in its profit to Rs 394 crore ($55.5 million) for the third quarter ended December 31, 2019, as against Rs 257 crore it reported in the year-ago period.
The company’s revenue for the quarter also grew 24 percent to Rs 6,752 crore, compared with Rs 5,451 crore it reported for the year-ago period.
"Topline growth was in line with our estimates. PAT Margin improvement partly reflects the benefit due to revision in corporate tax rates. PAT margin for the quarter improved to 5.6 percent from 4.5 percent in the year-ago quarter. We have opened 20 stores during the first 9 months of this fiscal," Neville Noronha, CEO and managing director of Avenue Supermarts, said in a statement.
During the July-September period, Avenue Supermarts strengthened its retail presence with the addition of seven new stores to take its store count to 194 in India.
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