DMart shares open 1% lower after margins fall in Q1

EBITDA margins fell 140 basis points to 8.9 percent in the April to June quarter as compared with the same quarter in the last year, said the company in an exchange filing.

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Avenue Supermarts shares were down 1 percent in early trade on July 17 after the company reported a 140 basis points fall in their EBITDA margins for the April to June quarter.

EBITDA margins fell 140 basis points to 8.9 percent in the April to June quarter as compared with the same quarter in the last year, said the company in an exchange filing.

“Overall gross margins are lower compared to same period in the previous year, primarily due to lower sales contribution of apparel and general merchandise,” said Neville Noronha, Chief Executive Officer and Managing Director of Avenue Supermarts Limited after the results were announced. He further said that general merchandise contribution is recovering and trending towards pre-pandemic levels.

Avenue Supermarts, which operates the DMart, announced results for Q1FY24 on July 15. The company’s standalone net profit was up 2.3 percent year-on-year at Rs 695 crore in Q1FY24. The company’s standalone revenue from operations increased 18.1 percent year-on-year to Rs 11,584 crore in the same period.

Standalone Earnings Before Income Tax Depreciation and Amortisation (EBITDA) grew 2.8 percent year-on-year at Rs 1036 crore in Q1FY24. Avenue Supermarts missed analyst estimates for net profit by 8 percent for the April to June quarter. A mean consensus of four brokerage firms predicted Avenue Supermarts’ net profit to be at Rs 715 crore.
The shares were trading 0.8 percent down at Rs 3808 at 9.27 am on the National Stock Exchange. Avenue Supermarts’ shares have lost almost 6 percent since January 1.

The retail chain company has opened three stores during the quarter and now has 327 stores in total as of June 30.

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