Avenue Supermarts Experiences Biggest Profit Drop
October 16, 2023
Shares of Avenue Supermarts, the operator of India’s DMart store chain, saw their biggest fall in five months after the company reported its first quarterly profit drop in three years. Standalone profit after tax for the July-September quarter fell nearly 10%, and the EBITDA margin contracted to 8.1% from 8.6% a year ago. Despite total revenue rising 18.5%, growth in the high-margin general merchandise and apparel (GMA) business slowed, and its contribution to total sales dropped to 23.2% from 24.75% a year ago. However, both Centrum Broking and Motilal Oswal retained their “buy” ratings on DMart’s stock, with expectations that increased discretionary spending and robust store additions will improve profits in the second half of fiscal 2024.
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