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Avenue Supermarts consolidated profit hiked more than double to touch Rs 418 crores

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Avenue Supermarts, which operates a chain of retail stores of D-Mart, reported a consolidated profit of Rs 418 crore (after tax) in the September quarter. This is double than Rs 199 crore for the corresponding quarter of last year.

Mr. Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited, said “Covid-19 related lockdown restrictions were eased further during this quarter. Revenue in the DMart stores grew by 46.6% over the corresponding quarter of last year”. He further added, DMart has 187 stores that are 2 year or older, and these stores grew by 23.7% in the month of September 2021 as compared to September 2020.  

Overall gross margin was higher than 8.6% compared to 4.3% in the previous quarter and 6.2% in the last year.

The company owned by Rakesh Damani announced a revenue hike of 46.6% at Rs 7,649.64 crores for the second quarter ended in September, 2021.

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