Avenue Supermarts, which runs the retail chain DMart on Saturday reported a 2 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 6,58.71 crore for the first quarter of the financial year 2023-24.
Its standalone net profit rose 2.2 per cent at Rs.695 crore for Q1FY24, compared to Rs. 680 crore in the same quarter last year.
The company witnessed an 18.2 per cent YoY growth in consolidated revenue from operations at Rs 11,865.44 crore compared to the previous year at Rs 10,038.07 crore.
Its Standalone total revenue for the quarter gone by rose 18 per cent at Rs. 11,584 crore, compared to Rs.9,807 crore for the same period last year.
Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) in Q1FY24 stood at Rs.1,035 crore compared to Rs.1,008 crore in the corresponding quarter of last year. EBITDA margin stood at 8.7 per cent in Q1FY24 as compared to 10 percent in Q1FY23.
“Overall gross margins are lower compared to the same period in the previous year, primarily due to lower sales contribution of apparel and general merchandise,” said Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited.
Avenue Supermarts has opened three new stores during the quarter and now operates 327 stores as of June 30, the company said in the exchange filing.