Avenue Supermarts Q4FY23 revenue grows 20% but Citi sticks to ‘sell’, share falls

Research firm Citi has a sell rating on the stock, with a target of Rs 3,460 a share. It remains cautious at current valuations, given the risk around margin and earnings

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Avenue Supermarts share price fell 2 percent in the early trade on April 6 even after the company’s March quarter standalone revenue from operations came in at Rs 10,337.12 crore, up 20 percent from Rs 8,606 crore in the year-ago period.

Avenue Supermarts had in the quarters ended March 31, 2021, and March 31, 2020, posted revenue of Rs 7,303.13 crore and Rs 6,193.53 crore, respectively.

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Research firm Citi, however, has kept sell rating on the stock, with a target at Rs 3,460 a share.

The average revenue per store came in at only +2.3 percent 3-year CAGR, while average revenue/sqft was further disappointing at -3 percent 3-year CAGR.

The broking firm remained cautious at current valuations, given the risk around margin and earnings, CNBC-TV18 said.

As of March 2023, the company had 324 stores across the country.

Morgan Stanley has maintained an “equal-weight” rating on the stock with a target at Rs 3,853 per share.

On a four-year CAGR basis, revenue was up 19.7 percent, reported CNBC-TV18.

At 9.18 am, Avenue Supermarts was quoting at Rs 3,594.65, down Rs 59.50, or 1.63 percent, on the BSE.

The share touched a 52-week high of Rs 4,606 on September 2, 2022 and and a 52-week low of Rs 3,185.10 on May 16, 2022. It is trading 21.96 percent below its 52-week high and 12.86 percent above its 52-week low.

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