Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, on Saturday reported over six-fold jump in its consolidated net profit to `642.89 crore for the quarter ended on June 30, 2022, helped by a “very good recovery” in overall sales and a comparative low YoY base.
The company had posted a net profit of `95.36 crore in the April-June quarter a year ago, said Avenue Supermarts in a BSE filing.
Its revenue from operations was up 93.66 per cent to `10,038.07 crore during the quarter under review against `5,183.12 crore in the corresponding quarter last fiscal.
According to the Damani family-promoted supermarket chain, its Q1FY23 results are not comparable with the corresponding quarter of the last fiscal, which was impacted by the second wave of Covid-19.
Neville Noronha, CEO & Managing Director, Avenue Supermarts commenting on the results, said, “There has been a very good recovery of overall sales. However, this quarter’s performance is not comparable to the same period last year due to the second wave of Covid-19 during that time.”
Avenue Supermarts’ total expenses were at `9,191.79 crore, up 81.03 % in Q1/FY 2022-23, as against 5,077.22 crore of the corresponding quarter.
While talking about the growth of DMart in the brick and mortar segment in April-June, Noronha said: “We cumulatively opened 110 stores over the last three financial years which never got an opportunity to operate in normal circumstances over the last two years.
These are stores that are larger, better designed and have the capacity to handle a larger scale of revenue. These stores have done extremely well in this quarter.”
D-Mart added 10 stores in the April-June quarter of 2022-23.