Avenue Supermarts Reports 17.45% Surge in Q1 Net Profit

Avenue Supermarts Ltd, owner of D-Mart, reported a 17.45% rise in net profit to Rs 773.68 crore for the June quarter, driven by stronger sales in general merchandise and apparels. Revenue increased by 18.57% to Rs 14,069.14 crore, and the chain opened six new stores, totaling 371.

Avenue Supermarts Ltd, the proprietor of retail chain D-Mart, registered a 17.45% increase in consolidated net profit, reaching Rs 773.68 crore for the June quarter. The boost was largely due to improved sales in general merchandise and apparel segments.

The company had recorded a net profit of Rs 658.71 crore in the corresponding quarter of the previous year, revealed a regulatory filing. Revenue from operations for the current quarter soared 18.57% to Rs 14,069.14 crore compared to Rs 11,865.44 crore last fiscal year.

Expenses for Avenue Supermarts shot up by 18.62% to Rs 13,056.61 crore during this quarter. Total income also climbed by 18.54% to Rs 14,110.74 crore.

CEO & Managing Director Neville Noronha commented, 'Contribution from general merchandise and apparel continued to improve during the quarter and this is reflected in the gross margin uptick.' D-Mart launched six new stores this quarter, bringing the total to 371 as of June 30, 2024. Noronha added, 'Operating costs have increased due to ongoing efforts to enhance service levels and build future capabilities.'

Radhakishan Damani and his family, promoters of DMart, continue to expand their retail operations across states including Maharashtra, Gujarat, and Telangana among others.

(With inputs from agencies.)