Avenue Supermarts, the company operating the DMart retail chain, unveiled its financial results for the second quarter of the 2023-24 fiscal year on October 14th. The company posted a consolidated net profit of Rs 623.35 crore for this period, reflecting a 9.09 percent decrease compared to the Rs 685.71 crore reported in the same quarter the previous year.
In contrast to the preceding quarter, Avenue Supermarts witnessed a 5.36 percent decline in its consolidated net profit, which fell from Rs 658.71 crore to its current figure.
When considering standalone net profit, there was a notable 10.91 percent reduction, with the company disclosing Rs 658.54 crore for Q1FY24, as opposed to the Rs 730.4 crore achieved in the corresponding quarter of the previous year.
For the second quarter of the fiscal year 2023-24, Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) amounted to Rs 1,005 crore, showing an increase from the Rs 892 crore reported during the same period in the previous year. The EBITDA margin for Q2FY24 was 8.0 percent, down from 8.4 percent in Q2FY23.
Nevertheless, there was a positive trend in the company’s revenue from operations. Avenue Supermarts reported a substantial 18.66 percent year-on-year increase in consolidated revenue, totaling Rs 12,624.37 crore for the current period, compared to Rs 10,638.33 crore in the same period the previous year. This revenue also marked a 6.39 percent rise from the preceding quarter when it stood at Rs 11,865.44 crore.
On Friday, Avenue Supermarts’ stock closed at Rs 3,920, marking a 1.48% increase at NSE.