D’Mart Q3 net profit rises 7 percent to Rs 590 crore

By

Maverick Martins

Published
Jan 16, 2023

Avenue Supermarts Ltd, owner of retail chain D-Mart reported a 7 percent rise in its consolidated net profit to Rs 590 crore for the third quarter ended on December 31, 2022, as against a net profit of Rs 553 in the year-ago period.

The company’s revenue for the quarter jumped by 26 percent to Rs 11,569 crore, as against Rs 9,218 crore in the corresponding quarter of the last fiscal.

D’Mart’s total expenses during the October-December quarter rose by 27 percent to Rs 10,789 crore, as against Rs 8,494 crore in the corresponding quarter of the last fiscal.

Commenting on the results, Neville Noronha, CEO managing director of Avenue Supermarts in a statement said, “FMCG and staples segment continued to outperform the general merchandise and apparel segments. Gross margin percentage decline over the corresponding quarter of last year is a reflection of this mix change.”

“We have further expanded our e-commerce operations to four new cities while continuing to deepen our presence in the existing 18 cities. Our operations now span across 22 cities in India,” he added.

D-Mart ended the quarter with 306 stores across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh, and Punjab.