
Avenue Supermarts, which runs DMart hypermarket chain, reported a 22.5 per cent rise in net profit to Rs 563 crore in the March quarter compared to Rs 460 crore in the same quarter of the previous financial year. The bump was driven by food, while, general merchandise and apparel saw a marginal uptick.
The retailer reported total revenue at Rs 12,726.6 crore, up 20 percent from Rs 10,594 crore in the year-ago quarter. For the full year, net profit rose 6.6 per cent to ₹2,536 crore and revenue was up 18.6 per cent at ₹42,840 crore.
The firm's EBITDA rose to a healthy ₹944 crore, compared to ₹772 crore a year ago, while, the EBITDA margin was almost flat at 7.4 per cent. The food and grocery retailer opened 41 stores in the year, ending with a total store count of 365. Stores that were two years and older grew by 9.9 percent during FY 2024 as compared to FY 2023.
The company has 284 stores that are two years or older.
Food was the top contributor in the year, increasing its share by nearly 100 bps close to 57 per cent. The share of FMCG, general merchandise and apparel were flat, with downward bias, discretionary spends still continuing to be a drag on retailers. FMCG items contributed 20.68 per cent to revenue and 22.37 per cent came from general merchandise and apparel.
The company continued with its cluster-based expansion strategy, while, it has been gradually expanding in the large towns. Most of its stores are located in the western and southern parts of the country.
It ended the year with over 15 million square feet of retail space. The revenue per square feet increased 6 per cent to ₹32,941 in FY24, going back to pre-pandemic levels. Its e-commerce vertical — DMart Ready — has started functioning in Gurugram. DMart Ready is available in 23 cities across the country. "Q4 FY 2024 saw continued uptick in the contribution from General Merchandise and Apparel," Neville Noronha, CEO & Managing Director said in a statement.