On October 14, Avenue Supermarts, the company behind the retail chain DMart, revealed its financial results for the second quarter of the fiscal year 2023-24. The overall net profit for this quarter was Rs 623.35 crore, a 9.09 percent decline from Rs 685.71 crore in the same quarter last year.
Compared to the previous quarter, the company's overall net profit fell 5.36 percent, from Rs 658.71 crore to its current amount.
In terms of standalone net profit, there was a 10.91 percent decrease, with the company reporting Rs 658.54 crore for Q1FY24, compared to Rs 730.4 crore in the previous year's equivalent period.
However, the company's revenue from operations showed a noticeable upward tendency. Avenue Supermarts recorded an 18.66 percent growth in consolidated revenue year on year, with a total of Rs 12,624.37 crore in the current period compared to Rs 10.638.33 crore in the same time previous year. This revenue increased by 6.39 percent over the previous quarter, when it stood at Rs 11,865.44 crore.
Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA) amounted to Rs. 1,005 crore in the second quarter of fiscal year 2023-24, up from Rs. 892 crore in the same time the previous year. The EBITDA margin was 8.0 percent in Q2FY24, down from 8.4 percent in Q2FY23.
The stock price of Avenue Supermarts on the National Stock Exchange closed at Rs 3,920 on October 13, representing a 1.48 percent increase over the previous day.