Avenue Supermarts, listed as DMart on Saturday, reported strong earnings for the quarter ended June 2022 (Q1FY23). DMART reported a standalone net profit of 679.64 crore in Q1FY23, an increase of 490.32% or 5.90 times as compared to the same quarter a year ago when profits were 115.13 crores. The PAT margin stood at 6.9% in Q1FY23 as against 2.3% in Q1FY22. Q1 PAT . jumped over 45.73% from 679.64 crore in the previous quarter.
Standalone revenue stood on 9806.89 crore in quarter Under review, growing by 94.90% 5,031.75 crore in the corresponding period of last year. Sequentially, in revenue of . increased by 13.95% from 8,606.09 crore in Q4FY22.
In addition, Standalone (EBITDA) in Q1FY23 stood at Climb of more than 4.5 times against 1,008 crores 221 crore in the corresponding quarter of last year. EBITDA margin in Q1FY23 was 10.3% as compared to 4.4% in Q1FY22.
On a consolidated basis, the total revenue in Q1FY23 was 10,038 crore as compared to 5,183 crore in the same period last year. net profit advanced 643 crores for Q1FY23, as compared to only 95 crore in the corresponding quarter of last year. PAT margin stood at 6.4% in Q1FY23 as compared to 1.8% in Q1FY22
In Q1FY23, consolidated EBITDA came in at Rs 1,008 crore as compared to Rs 224 crore in the corresponding quarter of the previous year. EBITDA margin in Q1FY23 was 10.0% in Q1FY23 as compared to 4.3% in Q1FY22.
Neville Noronha, CEO and Managing Director, Avenue Supermarts Ltd. said, “We ended the first quarter of FY 2023 with growth in all key financial parameters. There has been a very good recovery in overall sales. However, compared to the performance of the quarter, Can’t be done with it. During that time period last year due to second wave of covid-19. We opened a total of 110 stores in last 3 financial years which never had the opportunity to operate under normal conditions in last 2 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 extremely well this quarter. This is also the first full quarter of zero disruption from the COVID-19 pandemic. Like Q3 Q1 was a decent revenue as well as profit due to the school/college season coming back There is a period of extension and the onset of monsoon,” Noronha said.
The general merchandise and apparel categories saw relatively better traction compared to the previous quarter, but there are still some overhangs of the Covid-19-led disruptions and sharp inflationary impact, Noronha said, adding that higher inflation over the past two years volumes for discretionary Hides potential stress in growth. The price increase through positive volume growth of discretionary products in relatively older stores is the best reflection of DMart business strength, competitive impact and local economy.
“We made good progress in this area during the quarter. We will need another quarter of uninterrupted operations to better understand this,” Noronha said.
On DMART Ready, Noronha said, it continues to deepen its presence across 12 cities in India. He adds, “We are doing more and continue to focus on larger cities. Smaller cities are pilots and we are constantly learning from the feedback we get from our customers in these towns.”
DMART shares closed on BSE above 3,942.05 92.40 or 2.40%. At present, the market cap of the company is approx. 2,55,356.02 crores.