PAT margin stood at 4.3% in Q4 FY23 as compared to 4.8% posted in Q4 FY22.

Profit before tax in Q4 FY23 was at Rs 624.97 crore, up 2.64% form Rs 608.89 crore recorded in the corresponding quarter previous year.

Total expenses spiked 21.83% year on year to Rs 10,002.21 crore during the quarter.

Earnings before interest, tax, depreciation and amortization (EBITDA) in Q4 FY23 stood at Rs 772 crore, up 4.47% from Rs 739 crore reported in Q4 FY22. EBITDA margin reduced to 7.3% in Q4 FY23 as compared to 8.4% recorded in the corresponding quarter of last year.

On full year basis, the company's consolidated net profit jumped 59.37% to Rs 2,378.51 crore on 38.3% rise in revenue to Rs 42,839.56 crore in FY23 over FY22.

D-Mart follows Everyday low cost - Everyday low price (EDLC-EDLP) strategy which aims at procuring goods at competitive prices, using operational and distribution efficiency and thereby delivering value for money to customers by selling at competitive prices.

Neville Noronha, CEO & managing director of Avenue Supermarts, said, “Revenue growth of FMCG and staples continues to outperform General Merchandise and Apparel. Lower consumer spending in General Merchandise and Apparel continues and has impacted the margin mix downwards. Two years and older DMart stores grew by 24.2% during FY 2023 as compared to FY 2022. These same stores grew at 11% in the second half of FY 2023 vis-a-vis second half of FY 2022. We have 234 stores that are 2 years or older. We continued to expand our store footprint and opened 40 new stores during the year taking our cumulative total to 324 stores.”

Further he added, “Our E-Commerce business continued its expansion in our existing 22 cities. We cumulatively expanded our operations in 10 new cities during FY 2023.”

Lastly Noronha said, “We have commenced operations of our pharmacy shop-in-shop through one of our subsidiaries (Reflect Healthcare and Retail) during the quarter through the launch of our first outlet in the Mumbai Metropolitan Region.”

Meanwhile, the company's board has approved the re-appointment Ramakant Baheti as whole-time director of the company, designated as Group chief financial officer for a period of five years with effect from 1 May 2024.

The board has also approved the re-appointment of Elvin Machado as whole-time director of the company for a period of three years, effective from 10 June 2024.

Avenue Supermarts is a Mumbai-based company, which owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof. As of 31 December 2022, the company had 306 operating stores with retail business area of 12.6 million square feet across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.

Shares of Avenue Supermarts fell 0.62% to close at Rs 3,680.25 on Friday, 12 May 2023.