Consolidated quarterly performance YoY comparison
Net sales (including other operating income) of Avenue Supermarts has increased 22.22% to Rs 9217.76 crore.
Operating profit margin has jumped from 9.14% to 9.40%, leading to 25.73% rise in operating profit to Rs 866.46 crore. Purchase of finished goods cost fell from 84.52% to 84.31%. Employee cost decreased from 1.84% to 1.79%. Other expenses fell from 4.51% to 4.34%.
Other income fell 42.72% to Rs 25.96 crore. PBIDT rose 21.51% to Rs 892.42 crore. Provision for interest rose 23.45% to Rs 13.95 crore.
PBDT rose 21.48% to Rs 878.47 crore. Provision for depreciation rose 12.84% to Rs 128.3 crore.
Profit before tax grew 23.09% to Rs 750.17 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 197.64 crore, compared to Rs 162.49 crore. Effective tax rate was 26.35% compared to 26.66%.
Minority interest decreased 50% to Rs -0.03 crore. Net profit attributable to owners of the company increased 23.62% to Rs 552.56 crore.
Promoters stake was 74.99% as of 31 December 2021 ,compared to 74.99% as of 31 December 2020 .
Consolidated year-to-date performance.
Net sales (including other operating income) of Avenue Supermarts has increased 32.62% to Rs 22189.82 crore.
Operating profit margin has jumped from 6.76% to 7.93%, leading to 55.63% rise in operating profit to Rs 1,759.22 crore. Purchase of finished goods cost rose from 85.11% to 85.51%. Employee cost decreased from 2.39% to 2.02%. Other expenses fell from 5.75% to 4.66%.
Other income fell 42.66% to Rs 84.92 crore. PBIDT rose 44.24% to Rs 1844.14 crore. Provision for interest rose 26.44% to Rs 37.16 crore.
PBDT rose 44.66% to Rs 1806.98 crore. Provision for depreciation rose 13.76% to Rs 351.75 crore.
Profit before tax grew 54.83% to Rs 1,455.23 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 389.58 crore, compared to Rs 254.33 crore. Effective tax rate was 26.77% compared to 27.06%.
Minority interest decreased 40% to Rs -0.07 crore. Net profit attributable to owners of the company increased 55.44% to Rs 1,065.72 crore.
Promoters stake was 74.99% as of 31 December 2021 ,compared to 74.99% as of 31 December 2020 .
Management Commentary
D-Mart follows Everyday low cost – Everyday low price (EDLC-EDLP) strategy which aims at procuring goods at competitive price, using operational and distribution efficiency and thereby delivering value for money to customers by selling at competitive prices.
Commenting on the performance of the company Mr. Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited, said: Revenue in the DMart stores grew by 22.0% in this quarter over the corresponding quarter of last year. Overall gross margins are marginally lower due to mix deterioration. General Merchandise and apparel business is consistently seeing relatively lesser sales contribution while essentials and FMCG is doing better. Inflation and lesser opportunities to go out are negatively impact certain categories more than others. We are seeing higher inflation as an opportunity to make our buying more efficient, our assortment sharper and continue to keep our cost low.
Considering the current Covid wave, our sales and footfalls will be dependent on local regulations. We continue to take all precautions to ensure every shopper, employee and partner in operating in a safe environment.
Avenue Supermarts : Consolidated Results
| 2112 (3) | 2012(3) | Var (%) | 2112 (9) | 2012(9) | Var (%) | 2103 (12) | 2003 (12) | Var (%) | |
| Sales | 9217.76 | 7542.00 | 22.22% | 22189.82 | 16731.38 | 32.62% | 24143.06 | 24870.2 | -2.92% |
| OPM (%) | 9.40% | 9.14% | 26 bps | 7.93% | 6.76% | 117 bps | 7.22% | 8.56% | (-)134 bps |
| OP | 866.46 | 689.12 | 25.73% | 1759.22 | 1130.39 | 55.63% | 1743.05 | 2128.31 | -18.10% |
| Other inc. | 25.96 | 45.32 | -42.72% | 84.92 | 148.09 | -42.66% | 196.21 | 59.99 | 227.07% |
| PBIDT | 892.42 | 734.44 | 21.51% | 1844.14 | 1278.48 | 44.24% | 1939.26 | 2188.30 | -11.38% |
| Interest | 13.95 | 11.30 | 23.45% | 37.16 | 29.39 | 26.44% | 41.65 | 69.12 | -39.74% |
| PBDT | 878.47 | 723.14 | 21.48% | 1806.98 | 1249.09 | 44.66% | 1897.61 | 2119.18 | -10.46% |
| Dep. | 128.30 | 113.70 | 12.84% | 351.75 | 309.20 | 13.76% | 414.16 | 374.41 | 10.62% |
| PBT | 750.17 | 609.44 | 23.09% | 1455.23 | 939.89 | 54.83% | 1483.45 | 1744.77 | -14.98% |
| Share of profit/loss from JV | – | – | – | – | – | – | – | – | – |
| PBT Before EO | 750.17 | 609.44 | 23.09% | 1455.23 | 939.89 | 54.83% | 1483.45 | 1744.77 | -14.98% |
| Exceptional items | – | – | – | – | – | – | – | – | – |
| PBT After EO | 750.17 | 609.44 | 23.09% | 1455.23 | 939.89 | 54.83% | 1483.45 | 1744.77 | -14.98% |
| Total Tax | 197.64 | 162.49 | 21.63% | 389.58 | 254.33 | 53.18% | 384.02 | 443.79 | -13.47% |
| PAT | 552.53 | 446.95 | 23.62% | 1065.65 | 685.56 | 55.44% | 1099.43 | 1300.98 | -15.49% |
| Minority Interest | -0.03 | -0.02 | -50.00% | -0.07 | -0.05 | -40.00% | -0.06 | -0.1 | 40.00% |
| Net Profit | 552.56 | 446.97 | 23.62% | 1065.72 | 685.61 | 55.44% | 1099.43 | 1300.98 | -15.49% |
| EPS (Rs)* | # | # | # | # | 16.97 | 20.71 | |||
| * EPS is on current equity of Rs 647.77 crore, Face value of Rs. 10 Each # EPS is not annualised due to seasonality of business BPS- Basis points Figures in Rs crore Source: Capitaline Corporate Database |
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