DMart Q3 profit zooms 17% to Rs 691 crore, adds 5 stores

DMart Q3 results: Billionaire Radhakishan Damani-backed Avenue Supermarts, which operates departmental store chain DMart, on Saturday reported consolidated net profit of Rs 691 crore for third quarter of current financial year, marking an upside of 17.3 per cent from Rs 590 crore during the same period last year.

DMart's revenue from operations rose 17 per cent to Rs 13,572 crore as against Rs 11,569 crore in year ago period.

On the operations front, the Mumbai-based company posted earnings before interest, taxes, depreciation, and amortisation (EBITDA) also known as operating profit rose 16 per cent to Rs 1,120 crore versus 965 crore in the same period last year. However, its operating profit margin dipped 9 basis points to 8.25 per cent from 8.34 per cent in December quarter of last year.

The company added 5 stores taking the total count to 341 operating stores with retail business area of 14.19 million sq. ft across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.

“We ended Q3 FY 2024 with a revenue growth of 17.2 per cent as compared to the corresponding quarter of last year. Contribution from general merchandise and apparel has stabilised and trends are encouraging post Diwali. This time the festive season sales were lower than expected in Non-FMCG. Within FMCG, agri-staples (ex-edible oil) are going through significantly high inflation. We opened 5 new stores during the quarter. Our total stores now stand at 341,” said Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited.

During the quarter, DMart appointed Harishchandra M. Bharuka as an Independent Director of the Company. Bharuka has a career spanning over 40 years with experience of more than two decades of leading MNC business in India with major global exposure. He possesses demonstrated ability and expertise in management of the Board, various committees of the Board, Corporate Governance, Audit, Risk Management (ERM), ESG, M&A, Investor Relations, Finance and Procurement.

Bharuka served as Managing Director of Kansai Nerolac Paints from 2001 onwards for more than 20 years until he retired from this position in 2022.

Avenue Supermarts shares ended 0.56 per cent higher at Rs 3,840.10 per shares on Friday, January 12. The company has market capitalisation of the company is Rs 2.5 lakh crore, data from BSE showed.