New Delhi: Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, on Saturday reported a more than six-fold increase in its consolidated net profit to Rs 642.89 crore for the quarter ended June 30, 2022, Which helped “very well”. Recovery in total sales” and a comparatively low YoY basis. Avenue Supermarts said in a BSE filing that the company had posted a net profit of Rs 95.36 crore in the April-June quarter a year ago.
Its revenue from operations grew 93.66 per cent to Rs 10,038.07 crore during the quarter under review, as against Rs 5,183.12 crore in the corresponding quarter of the previous fiscal. According to the supermarket chain promoted by the Damani family, its Q1FY23 results are not comparable with the corresponding quarter of the previous fiscal, which was hit by the second wave of Covid-19.
Commenting on the results, Neville Noronha, CEO and Managing Director, Avenue Supermarts said, “There has been a very good recovery in overall sales. However, the performance of this quarter cannot be compared with the same period last year due to the second wave of COVID-19 during that period. Avenue Supermarts’ total expenses stood at Rs 9,191.79 crore, up 81.03 per cent in the first quarter of FY 2022-23, as against Rs 5,077.22 crore in the same quarter. Talking about DMart’s growth in the brick and mortar segment in April-June, Noronha said: “We have opened a total of 110 stores in the last three financial years, which have never had the opportunity to operate under normal conditions in the last two years. Not found. These are stores that are bigger, better designed and have the potential to handle massive amounts of revenue. These stores have performed very well this quarter.” D-Mart added 10 stores in the April-June quarter of 2022-23.
This is also the first full quarter of zero disruption from the COVID-19 pandemic. “Q3 like Q1 is a good revenue as well as profit boosting period due to the onset of school/college season and monsoon,” he said.
Its general merchandise and apparel categories saw relatively better traction than the previous quarter, but are still somewhat more impacted by the disruptions led by the Covid-19 and sharper inflationary impact. “Our discretionary contribution mix for this quarter has not yet reached pre-pandemic levels, but is improving. Higher inflation over the past two years largely hides potential strain in volume growth for discretionary categories of consumption,” he said, adding, “the best reflection of price growth strength through positive volume growth of discretionary products in relatively older stores.” Is. DMart Business, Competitive Impact and the Local Economy”.
Its e-commerce business DMart Ready also continues to deepen its presence across 12 cities in India. “We are doing the same and continue to focus on big cities. Small cities are pilots and we are constantly learning from the feedback we get from our customers in these cities.
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