Avenue Supermarts reported 36.58% growth in total sales revenues for the September 2022 quarter on consolidated basis at Rs10,638cr. Sequential revenues were up 5.98%.
For the first half of FY23, the company reported 59.2% growth in revenues at Rs20,192 crore. EBITDA was up 33.5% in the quarter at Rs895 crore.
The company, which runs the D-Mart chain, has persisted with its Everyday Low Cost – Everyday Low Price (EDLC-EDLP) strategy, which entails squeezing suppliers for deep discounts and then passing on big discounts to the end customers in residential localities.
FMCG and staples have done a lot better than general merchandise and apparel with inflation hitting the low price point products most.
Consolidated Profit after tax (PAT) for September 2022 quarter was up 64.2% at Rs686cr.
Apart from the cost controls and investor efficiency in the quarter, the company also gained from a Rs141 crore tax credit in the quarter, which helped the net profit surge despite operating profits growing at the same rate as sales growth.
While D-Mart is now present in 18 cities, 90% revenues come from the metros. Net margins are flat on a yoy basis.
Financial highlights for Sep-22 compared yoy and sequentially
|
Avenue Supermarts |
|
|
|
|
Rs in Crore |
Sep-22 |
Sep-21 |
YOY |
Jun-22 |
QOQ |
Total Income (Rs cr) |
₹ 10,638 |
₹ 7,789 |
36.58% |
₹ 10,038 |
5.98% |
Operating Profit (Rs cr) |
₹ 730 |
₹ 553 |
32.12% |
₹ 864 |
-15.45% |
Net Profit (Rs cr) |
₹ 686 |
₹ 418 |
64.14% |
₹ 643 |
6.66% |
|
|
|
|
|
|
Diluted EPS (Rs) |
₹ 10.50 |
₹ 6.40 |
|
₹ 9.85 |
|
OPM |
6.86% |
7.09% |
|
8.60% |
|
Net Margins |
6.45% |
5.36% |
|
6.40% |
|