Meanwhile, the S&P BSE Sensex was up by 38.57 points or 0.1% to 38,774.34.

On the BSE, 83,000 shares were traded in the counter so far compared with average daily volumes of 39,000 shares in the past two weeks. The stock had hit a high of Rs 1447 and a low of Rs 1410 so far during the day. It hit a 52-week high of Rs 1696.15 on 19 December 2018 and a 52-week low of Rs 1126.95 on 23 October 2018.

On consolidated basis, Avenue Supermarts' net profit rose 31.9% to Rs 323.09 crore on 27.07% increase in net sales to Rs 5814.56 crore in Q1 June 2019 over Q1 June 2018.

Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) in Q1 June 2019 stood at Rs 597 crore, as compared to Rs 423 crore in the corresponding quarter of last year. EBITDA margin improved from 9.2% in Q1 June 2018 to 10.3% in Q1 June 2019.

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

Commenting on the financial performance of the company, Neville Noronha, CEO & managing director, Avenue Supermarts, said, "Revenue growth was in line with our expectations. Gross margin was slightly ahead of our expectations and our continued operational efficiency has resulted in higher PAT margins. As we have said in the past, Q1 margins are not usually a reflection of the entire year. We opened 8 stores in this quarter, large part of which are a spillover from the previous quarter."

Avenue Supermarts owns and operates D-Mart stores. D-Mart is an emerging national supermarket chain that offers customers a range of home and personal products under one roof.