Avenue Supermarts Ltd, the parent company of retail chain DMart, announced a 17.45% rise in consolidated net profit to Rs 773.68 crore for the June quarter. This growth was driven by increased sales in general merchandise and apparel categories.
According to a regulatory filing, the company’s net profit stood at Rs 658.71 crore in the same quarter last year. Revenue from operations rose by 18.57% to Rs 14,069.14 crore during the quarter, compared to Rs 11,865.44 crore in the corresponding period last fiscal.
Total expenses for Avenue Supermarts in the June quarter increased by 18.62% to Rs 13,056.61 crore. The company’s total income reached Rs 14,110.74 crore, marking an 18.54% increase in the June quarter.
CEO & Managing Director Neville Noronha commented on the results, noting that the contribution from general merchandise and apparel sectors showed improvement, resulting in a rise in gross margins.
During the quarter, DMart expanded its footprint by opening six new stores, bringing its total store count to 371 as of June 30, 2024. Noronha also mentioned that operating costs had increased due to ongoing efforts to enhance service levels and build future capabilities.
Founded by Radhakishan Damani and family, DMart operates retail outlets offering essential home and personal products across various states including Maharashtra, Gujarat, Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, Madhya Pradesh, Rajasthan, Punjab, and NCR.
