Home Food Avenue Supermarts post 47.6 pc jump in Q1 net profit

Avenue Supermarts post 47.6 pc jump in Q1 net profit

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, which runs the supermarkets chain, has posted a 47.6 per cent jump in its net profit at Rs 174.77 crore for the quarter ended June 30.

Avenue Supermarts post 47.6 pc jump in Q1 net profit
At present, the company operates 132 stores in Maharashtra, Gujarat, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR and Chhattisgarh

According to a PTI report: The company had reported a net profit of Rs 118.44 crore in the corresponding quarter a year ago. Its total income in the quarter under review stood at Rs 3,598.13 crore, up 35.7 per cent, against Rs 2,652.39 crore in the year-ago period, Avenue Supermarts said in a BSE filing.

Avenue Supermarts CEO & Managing Director said the company has transitioned into the GST regime with minimal migration challenges.

“While supplies from certain vendors could see a short term disruption, we are optimistic that GST will create excellent opportunities for small and medium businesses to become preferred suppliers to organised retail in the near to long term,” he was quoted by PTI as saying.

Avenue Supermarts listed on the stock exchanges with a blockbuster listing in March this year, making — the founder of the company and a low-profile investor — a part of India’s richest 20 club.

At present, the company operates 132 stores in Maharashtra, Gujarat, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR and Chhattisgarh.