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Avenue Supermarts announces consolidated profit of ₹418 crore for September quarter
This is more than double of ₹199 crore, the company's net profit for the same quarter last year.
The consolidated profit of Avenue Supermarts Limited, which runs retail store chain DMart, more than doubled to ₹418 crore in the September quarter, up from ₹199 crore in the corresponding quarter last year, the company announced. Also, consolidated revenue for the same quarter was recorded at ₹7789 crore, as against ₹5306 crore at the same time last year, a rise of nearly 47 per cent Year-on-Year (YoY), it further said.
Additionally, earnings before interest, tax, depreciation and amortisation (Ebida) for the quarter stood at ₹669 crore, up from ₹330 crore in the corresponding quarter in 2020, Avenue Supermarts said on Saturday, while announcing its earnings for the September quarter.
“Covid-19 related lockdown restrictions were eased further during this quarter. DMart stores, which are two years or older, grew by 23.7 per cent in September 2021 over the same month last year. We have 187 stores that are two years or older,” a media report quoted Ignatius Navil Noronha, the chief executive officer (CEO) of Avenue Supermarts, as saying.
These numbers come during a year in which the Mumbai-headquartered firm’s shares have witnessed a rise of 113 per cent. This has resulted in Noronha, aged 47, becoming the wealthiest professional manager in the country, with his net worth surging past ₹7744 crore. Currently, he has 13.13 per cent million shares worth a stake of 2.03 per cent in the company.
Recently, DMart carried out a soft launch of DMart Ready, its online service, in the cities of Surat and Vadodara in Gujarat.
