On consolidated basis
Quarter
ended September 2023 compared with Quarter ended September 2022.
Net sales (including other operating income) of Avenue Supermarts has increased
18.67% to Rs 12624.37 crore.
Operating profit margin has declined
from 8.39% to 7.96%, leading to 12.66% rise in operating profit to Rs 1,004.97
crore. Purchase of finished goods cost fell from 85.98% to 85.94%.
Employee cost increased from 1.64% to 1.71%. Other
expenses rose from 4.60% to 4.73%.
Other income rose 3.80% to Rs 36.92
crore. PBIDT rose 12.32% to Rs 1041.89 crore. Provision
for interest fell 11.82% to Rs 15.59 crore. Loan funds declined from
Rs 710.83 crore as of 30 September 2022 to Rs 630.38 crore as of 30 September
2023. Inventories rose to Rs 3,937.12 crore as of 30 September 2023
from Rs 3,648.28 crore as of 30 September 2022. Sundry debtors were
higher at Rs 118.76 crore as of 30 September 2023 compared to Rs 64.50 crore as
of 30 September 2022. Cash and bank balance declined from Rs
1,135.46 crore as of 30 September 2022 to Rs 906.02 crore as of 30 September
2023. Investments rose to Rs 326.66 crore as of 30 September 2023
from Rs 12.56 crore as of 30 September 2022 .
PBDT rose 12.79% to Rs 1026.3
crore. Provision for depreciation rose 7.66% to Rs 174.36
crore. Fixed assets increased to Rs 12,954.78 crore as of 30
September 2023 from Rs 11,100.37 crore as of 30 September
2022. Intangible assets declined from Rs 96.15 crore to Rs 78.27 crore.
Profit before tax grew 13.90% to Rs
851.94 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 228.59 crore, compared
to Rs 62.24 crore. Effective tax rate was 26.83% compared to 8.32%.
Minority interest decreased 250% to
Rs -0.21 crore. Net profit attributable to owners of the company
decreased 9.07% to Rs 623.56 crore.
Equity capital increased from Rs
647.77 crore as of 30 September 2022 to Rs 650.73 crore as of 30 September
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 74.65% as of 30
September 2023 ,compared to 74.99% as of 30 September 2022 .
For year-to-date (YTD) results
analysis.
Net sales (including other operating income) of Avenue Supermarts has increased
18.44% to Rs 24489.81 crore.
Operating profit margin has declined
from 9.19% to 8.33%, leading to 7.37% rise in operating profit to Rs 2,040.24
crore. Purchase of finished goods cost rose from 84.94% to 85.49%.
Other expenses rose from 4.55% to 4.70%.
Other income rose 16.92% to Rs 75.66
crore. PBIDT rose 7.68% to Rs 2115.9 crore. Provision for
interest fell 13.58% to Rs 30.16 crore. Loan funds declined from Rs
710.83 crore as of 30 September 2022 to Rs 630.38 crore as of 30 September 2023. Inventories
rose to Rs 3,937.12 crore as of 30 September 2023 from Rs 3,648.28 crore as of
30 September 2022. Sundry debtors were higher at Rs 118.76 crore as
of 30 September 2023 compared to Rs 64.50 crore as of 30 September
2022. Cash and bank balance declined from Rs 1,135.46 crore as of 30
September 2022 to Rs 906.02 crore as of 30 September
2023. Investments rose to Rs 326.66 crore as of 30 September 2023
from Rs 12.56 crore as of 30 September 2022 .
PBDT rose 8.07% to Rs 2085.74
crore. Provision for depreciation rose 9.73% to Rs 336.54
crore. Fixed assets increased to Rs 12,954.78 crore as of 30
September 2023 from Rs 11,100.37 crore as of 30 September
2022. Intangible assets declined from Rs 96.15 crore to Rs 78.27
crore.
Profit before tax grew 7.75% to Rs
1,749.20 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 467.14 crore, compared
to Rs 294.77 crore. Effective tax rate was 26.71% compared to
18.16%.
Minority interest decreased 150% to
Rs -0.25 crore. Net profit attributable to owners of the company
decreased 3.49% to Rs 1,282.31 crore.
Equity capital increased from Rs
647.77 crore as of 30 September 2022 to Rs 650.73 crore as of 30 September
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 74.65% as of 30
September 2023 ,compared to 74.99% as of 30 September 2022 .
Cash flow from operating activities
increased to Rs 907.19 crore for YTD ended September 2023 from Rs 841.18 crore
for YTD ended September 2022. Cash flow used in acquiring fixed
assets during the YTD ended September 2023 stood at Rs 1,303.72 crore, compared
to Rs 968.52 crore during the YTD ended September 2022.
Full year results analysis.
Net sales (including other operating income) of Avenue Supermarts has increased
38.30% to Rs 42839.56 crore.
Operating profit margin has jumped
from 8.07% to 8.49%, leading to 45.57% rise in operating profit to Rs 3,637.03
crore. Purchase of finished goods cost fell from 85.45% to 85.10%.
Employee cost decreased from 1.96% to 1.72%. Other
expenses rose from 4.65% to 4.78%.
Other income rose 10.09% to Rs
129.34 crore. PBIDT rose 43.97% to Rs 3766.37
crore. Provision for interest rose 25.32% to Rs 67.41
crore. Loan funds declined from Rs 646.94 crore as of 31 March 2022
to Rs 642.98 crore as of 31 March 2023. Inventories rose to Rs
3,243.48 crore as of 31 March 2023 from Rs 2,742.66 crore as of 31 March
2022. Sundry debtors were lower at Rs 62.16 crore as of 31 March
2023 compared to Rs 66.89 crore as of 31 March 2022. Cash and bank
balance rose to Rs 1,408.33 crore as of 31 March 2023 from Rs 298.58 crore as
of 31 March 2022. Investments rose to Rs 202.20 crore as of 31 March
2023 from Rs 5.94 crore as of 31 March 2022 .
PBDT rose 44.37% to Rs 3698.96
crore. Provision for depreciation rose 28.27% to Rs 638.87
crore. Fixed assets increased to Rs 12,091.37 crore as of 31 March
2023 from Rs 10,311.09 crore as of 31 March 2022. Intangible assets
stood at Rs 78.27 crore.
Profit before tax grew 48.25% to Rs
3,060.09 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 681.75 crore, compared
to Rs 571.72 crore. Effective tax rate was 22.28% compared to
27.70%.
Minority interest decreased 13.33%
to Rs -0.17 crore. Net profit attributable to owners of the company
increased 59.36% to Rs 2,378.51 crore.
Equity capital increased from Rs
647.77 crore as of 31 March 2022 to Rs 648.26 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 74.93% as of 31
March 2023 ,compared to 74.99% as of 31 March 2022 .
Cash flow from operating activities
increased to Rs 2,630.27 crore for year ended March 2023 from Rs 1,372.35 crore
for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 2,211.95 crore, compared to Rs
2,410.42 crore during the year ended March 2022.
Operational highlights:
9 stores were added in Q2FY2024
taking the total store count to 336.
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: “Q2 FY 2024 saw revenue growth of 18.5% as compared to the
corresponding quarter of last year. Our gross margins continue to be lower
compared to the same period in the previous year due to lesser contribution
from the higher margin General Merchandise and Apparel business. We opened 9
new stores during the quarter taking our total store count to 336.”
| Avenue Supermarts : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 12,624.37 | 10,638.33 | 18.67 | 24,489.81 | 20,676.40 | 18.44 | 42,839.56 | 30,976.27 | 38.30 | | OPM (%) | 7.96 | 8.39 | -42 bps | 8.33 | 9.19 | -86 bps | 8.49 | 8.07 | 42 bps | | OP | 1,004.97 | 892.02 | 12.66 | 2,040.24 | 1,900.26 | 7.37 | 3,637.03 | 2,498.50 | 45.57 | | Other Inc. | 36.92 | 35.57 | 3.80 | 75.66 | 64.71 | 16.92 | 129.34 | 117.49 | 10.09 | | PBIDT | 1,041.89 | 927.59 | 12.32 | 2,115.90 | 1,964.97 | 7.68 | 3,766.37 | 2,615.99 | 43.97 | | Interest | 15.59 | 17.68 | -11.82 | 30.16 | 34.90 | -13.58 | 67.41 | 53.79 | 25.32 | | PBDT | 1,026.30 | 909.91 | 12.79 | 2,085.74 | 1,930.07 | 8.07 | 3,698.96 | 2,562.20 | 44.37 | | Depreciation | 174.36 | 161.96 | 7.66 | 336.54 | 306.7 | 9.73 | 638.87 | 498.08 | 28.27 | | PBT | 851.94 | 747.95 | 13.90 | 1749.2 | 1623.37 | 7.75 | 3060.09 | 2064.12 | 48.25 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 851.94 | 747.95 | 13.90 | 1749.2 | 1623.37 | 7.75 | 3060.09 | 2064.12 | 48.25 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 851.94 | 747.95 | 13.90 | 1749.2 | 1623.37 | 7.75 | 3060.09 | 2064.12 | 48.25 | | Taxation | 228.59 | 62.24 | 267.27 | 467.14 | 294.77 | 58.48 | 681.75 | 571.72 | 19.25 | | PAT | 623.35 | 685.71 | -9.09 | 1282.06 | 1328.6 | -3.50 | 2378.34 | 1492.4 | 59.36 | | Minority Interest (MI) | -0.21 | -0.06 | -250.00 | -0.25 | -0.1 | -150.00 | -0.17 | -0.15 | -13.33 | | Net profit | 623.56 | 685.77 | -9.07 | 1282.31 | 1328.7 | -3.49 | 2378.51 | 1492.55 | 59.36 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 623.56 | 685.77 | -9.07 | 1282.31 | 1328.7 | -3.49 | 2378.51 | 1492.55 | 59.36 | | EPS (Rs)* | 9.58 | 10.54 | -9.07 | 19.71 | 20.42 | -3.49 | 36.55 | 22.94 | 59.36 | | | * EPS is on current equity of Rs 650.73 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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