Avenue Supermarts Q2 results: Consolidated profit more than doubles to Rs 418 crore; retailer adds 8 new stores

NEW DELHI: Avenue Supermarts on Saturday said its consolidated profit more than doubled to Rs 418 crore in the September quarter compared with Rs 199 crore in the corresponding quarter of last year.

Consolidated revenue for the quarter climbed 46.79 per cent YoY to Rs 7,789 crore from Rs 5,306 crore in the same period last year.

Earnings before interest, tax, depreciation and amortization (Ebitda) for the quarter came in at Rs 669 crore compared with Rs 330 crore in the corresponding quarter of last year.

Ebitda margin rose 240 basis points YoY to 8.6 per cent in the September quarter compared with 6.2 per cent in the year-ago quarter. PAT margin was up 160 basis points to 5.3 per cent from 3.7 per cent YoY.

“Covid-19 related lockdown restrictions were eased further during this quarter. Revenue in the DMart stores grew by 46.6 per cent over the corresponding quarter of last year. Two years and older DMart stores grew by 23.7 per cent in the month of September 2021 as compared to September 2020. We have 187 stores that are 2 years or older," said Neville Noronha, CEO & Managing Director, Avenue Supermarts.

Noronha said his company carried out a soft launch of DMart Ready in the cities of Surat and Vadodara. He said more than 96 per cent of DMart's eligible employees have taken their second dose of vaccination.