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Results
15-Jan-23
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Analysis
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Avenue Supermarts
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Revenue up 25.5% yoy, Net profit up6.7% YoY
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On consolidated basis
Quarter
ended December 2022 compared with Quarter ended December 2021.
Net sales (including other operating income) of Avenue
Supermarts has increased 25.51% to Rs 11569.05 crore.
Operating profit margin has declined
from 9.40% to 8.34%, leading to 11.40% rise in operating profit to Rs 965.26
crore. Purchase of finished goods cost rose from 84.31% to 84.41%.
Employee cost decreased from 1.79% to 1.75%. Other
expenses rose from 4.34% to 5.08%.
Other
income rose 21.57% to Rs 31.56 crore. PBIDT rose 11.70% to Rs 996.82
crore. Provision for interest rose 21.72% to Rs 16.98
crore.
PBDT
rose 11.54% to Rs 979.84 crore. Provision for depreciation rose
31.01% to Rs 168.09 crore.
Profit
before tax grew 8.21% to Rs 811.75 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 222.11
crore, compared to Rs 197.64 crore. Effective tax rate was 27.36%
compared to 26.35%.
Minority interest decreased 33.33%
to Rs -0.04 crore. Net profit attributable to owners of the company
increased 6.72% to Rs 589.68 crore.
Promoters’
stake was 74.99% as of 31 December 2022 ,compared to 74.99% as of 31 December
2021 .
For year-to-date (YTD) results
analysis.
Net
sales (including other operating income) of Avenue Supermarts has increased
45.32% to Rs 32245.45 crore.
Operating profit margin has jumped
from 7.93% to 8.89%, leading to 62.89% rise in operating profit to Rs 2,865.52
crore. Purchase of finished goods cost fell from 85.51% to 84.76%.
Employee cost decreased from 2.02% to 1.72%. Other
expenses rose from 4.66% to 4.73%.
Other
income rose 13.37% to Rs 96.27 crore. PBIDT rose 60.61% to Rs
2961.79 crore. Provision for interest rose 39.61% to Rs 51.88
crore.
PBDT
rose 61.04% to Rs 2909.91 crore. Provision for depreciation rose
34.98% to Rs 474.79 crore.
Profit before tax grew 67.34% to Rs
2,435.12 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 516.88 crore, compared
to Rs 389.58 crore. Effective tax rate was 21.23% compared to
26.77%.
Minority
interest decreased 100% to Rs -0.14 crore. Net profit attributable
to owners of the company increased 80.01% to Rs 1,918.38 crore.
Promoters’
stake was 74.99% as of 31 December 2022 ,compared to 74.99% as of 31 December
2021 .
Full year results analysis.
Net sales (including other operating
income) of Avenue Supermarts has increased 28.30% to Rs 30976.27
crore.
Operating profit margin has jumped
from 7.22% to 8.07%, leading to 43.34% rise in operating profit to Rs 2,498.50
crore. Purchase of finished goods cost rose from 85.32% to 85.45%.
Employee cost decreased from 2.20% to 1.96%. Other
expenses fell from 5.35% to 4.65%.
Other
income fell 40.12% to Rs 117.49 crore. PBIDT rose 34.90% to Rs
2615.99 crore. Provision for interest rose 29.15% to Rs 53.79
crore. Loan funds rose to Rs 646.94 crore as of 31 March 2022 from
Rs 392.71 crore as of 31 March 2021. Inventories rose to Rs 2,742.66
crore as of 31 March 2022 from Rs 2,248.28 crore as of 31 March
2021. Sundry debtors were higher at Rs 66.89 crore as of 31 March
2022 compared to Rs 43.58 crore as of 31 March 2021. Cash and bank
balance declined from Rs 1,445.58 crore as of 31 March 2021 to Rs 298.58 crore
as of 31 March 2022. Investments rose to Rs 5.94 crore as of 31
March 2022 from Rs 2.95 crore as of 31 March 2021 .
PBDT
rose 35.02% to Rs 2562.2 crore. Provision for depreciation rose
20.26% to Rs 498.08 crore. Fixed assets increased to Rs 10,311.09
crore as of 31 March 2022 from Rs 7,950.12 crore as of 31 March
2021. Intangible assets stood at Rs 78.27 crore.
Profit
before tax grew 39.14% to Rs 2,064.12 crore. Share of profit/loss
were nil in both the periods. Provision for tax was expense of Rs
571.72 crore, compared to Rs 384.02 crore. Effective tax rate was
27.70% compared to 25.89%.
Minority
interest decreased 150% to Rs -0.15 crore. Net profit attributable
to owners of the company increased 35.75% to Rs 1,492.55 crore.
Equity
capital stood at Rs 647.77 crore as of 31 March 2022 to Rs 647.77 crore as of
31 March 2021. Per share face Value remained same at Rs
10.00.
Promoters’
stake was 74.99% as of 31 March 2022 ,compared to 74.99% as of 31 March 2021
.
Cash
flow from operating activities decreased to Rs 1,372.35 crore for year ended
March 2022 from Rs 1,375.14 crore for year ended March 2021. Cash
flow used in acquiring fixed assets during the year ended March 2022 stood at
Rs 2,410.42 crore, compared to Rs 2,029.42 crore during the year ended March
2021.
Management Commentary:
D-Mart 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 performance of the
company Mr. Neville Noronha, CEO & Managing Director, Avenue Supermarts
Limited, said:
“DMart (Brick and Mortar) Business Overview
Q3 saw
our revenues grow by 24.7% over the corresponding quarter of last year. FMCG
and staples segment continued to outperform the general merchandise and
apparel segments. Gross margin percentage decline over the corresponding
quarter of last year is a reflection of this mix change. Discretionary non-FMCG
sales did not do as well as expected in this quarter.
DMart Ready
We have
further expanded our E-Commerce operations in 4 new cities while continuing to
deepen our presence in the existing 18 cities. Our operations now span
across 22 cities in India.
Pharmacy Shop-in-shop
We are
in the process of commencing a pharmacy shop-in-shop through one of our
subsidiary (Reflect Healthcare and Retail Private Limited) at one of our
stores. This is yet another pilot that will complement our brick and
mortar business using our existing store infrastructure.”
| Avenue Supermarts : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 11,569.05 | 9,217.76 | 25.51 | 32,245.45 | 22,189.82 | 45.32 | 30,976.27 | 24,143.06 | 28.30 | | OPM (%) | 8.34 | 9.40 | -106 bps | 8.89 | 7.93 | 96 bps | 8.07 | 7.22 | 85 bps | | OP | 965.26 | 866.46 | 11.40 | 2,865.52 | 1,759.22 | 62.89 | 2,498.50 | 1,743.05 | 43.34 | | Other Inc. | 31.56 | 25.96 | 21.57 | 96.27 | 84.92 | 13.37 | 117.49 | 196.21 | -40.12 | | PBIDT | 996.82 | 892.42 | 11.70 | 2,961.79 | 1,844.14 | 60.61 | 2,615.99 | 1,939.26 | 34.90 | | Interest | 16.98 | 13.95 | 21.72 | 51.88 | 37.16 | 39.61 | 53.79 | 41.65 | 29.15 | | PBDT | 979.84 | 878.47 | 11.54 | 2,909.91 | 1,806.98 | 61.04 | 2,562.20 | 1,897.61 | 35.02 | | Depreciation | 168.09 | 128.3 | 31.01 | 474.79 | 351.75 | 34.98 | 498.08 | 414.16 | 20.26 | | PBT | 811.75 | 750.17 | 8.21 | 2435.12 | 1455.23 | 67.34 | 2064.12 | 1483.45 | 39.14 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 811.75 | 750.17 | 8.21 | 2435.12 | 1455.23 | 67.34 | 2064.12 | 1483.45 | 39.14 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 811.75 | 750.17 | 8.21 | 2435.12 | 1455.23 | 67.34 | 2064.12 | 1483.45 | 39.14 | | Taxation | 222.11 | 197.64 | 12.38 | 516.88 | 389.58 | 32.68 | 571.72 | 384.02 | 48.88 | | PAT | 589.64 | 552.53 | 6.72 | 1918.24 | 1065.65 | 80.01 | 1492.4 | 1099.43 | 35.74 | | Minority Interest (MI) | -0.04 | -0.03 | -33.33 | -0.14 | -0.07 | -100.00 | -0.15 | -0.06 | -150.00 | | Net profit | 589.68 | 552.56 | 6.72 | 1918.38 | 1065.72 | 80.01 | 1492.55 | 1099.49 | 35.75 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 589.68 | 552.56 | 6.72 | 1918.38 | 1065.72 | 80.01 | 1492.55 | 1099.49 | 35.75 | | EPS (Rs)* | 9.10 | 8.53 | 6.72 | 29.61 | 16.45 | 80.01 | 23.04 | 16.97 | 35.75 | | | * EPS is on current equity of Rs 647.77 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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