Avenue Supermarts Q4 net profit surges 22.5% to Rs 563 crore, revenue up by 20%

Radhakrishnan Damani-owned Avenue Supermarts, the company behind the popular retail chain DMart, has announced robust financial results for the quarter ending March 31, 2024. The company reported a consolidated net profit of Rs 563 crore for Q4, marking an impressive growth of 22.5 per cent compared to the same quarter of the previous fiscal year, where the net profit stood at Rs 460 crore.

According to the regulatory filing, Avenue Supermarts recorded total revenue of Rs 12,726.6 crore in Q4, reflecting a substantial increase of 20 per cent from Rs 10,594 crore in the corresponding period last year. The earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter reached Rs 944 crore, demonstrating a growth rate of 22.3 per cent. The EBITDA margin stood at 7.4 per cent.

The company attributes its strong performance to the consistent growth across key financial parameters such as revenue, EBITDA, and PAT (profit after tax). DMart stores that are two years and older witnessed a remarkable growth rate of 9.9 per cent during the fiscal year 2024 compared to the previous year, with a total count of 284 stores that are two years or older.

During the fiscal year, DMart opened 41 new stores, bringing the total store count to 365, further expanding its footprint in the retail market. 

"We ended the year with growth across key financial parameters of Revenue, EBITDA and PAT. Two years and older DMart stores grew by 9.9 per cent during FY 2024 as compared to FY 2023. We have 284 stores that are 2 years or older. We opened 41 new stores during the year and our total store count stands at 365", said Neville Noronha, the CEO & Managing Director of Avenue Supermarts.

Furthermore, Noronha stressed the progress of the company's E-Commerce business, which commenced operations in a new city, Gurugram, during the year while also deepening its presence in existing cities. Currently, DMart's E-Commerce platform operates across 23 cities in India.

On May 3, shares of Avenue Supermarts closed marginally higher at Rs 4618.45 apiece on the National Stock Exchange (NSE).