On consolidated basis
Quarter
ended December 2023 compared with Quarter ended December 2022.
Net sales (including other operating income) of Avenue Supermarts has increased
17.32% to Rs 13572.47 crore.
Operating profit margin has declined
from 8.34% to 8.25%, leading to 16.02% rise in operating profit to Rs 1,119.89
crore. Purchase of finished goods cost rose from 84.41% to 84.87%.
Other expenses fell from 5.08% to 4.99%.
Other income rose 4.31% to Rs 32.92 crore. PBIDT
rose 15.65% to Rs 1152.81 crore. Provision for interest fell 14.31%
to Rs 14.55 crore.
PBDT rose 16.17% to Rs 1138.26
crore. Provision for depreciation rose 12.64% to Rs 189.33
crore.
Profit before tax grew 16.90% to Rs
948.93 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 258.52 crore, compared
to Rs 222.11 crore. Effective tax rate was 27.24% compared to
27.36%.
Minority interest decreased 400% to
Rs -0.20 crore. Net profit attributable to owners of the company
increased 17.12% to Rs 690.61 crore.
Promoters’ stake was 74.65% as of 31
December 2023 ,compared to 74.99% as of 31 December 2022 .
For year-to-date (YTD) results
analysis.
Net sales (including other operating income) of Avenue Supermarts has increased
18.04% to Rs 38062.28 crore.
Operating profit margin has declined
from 8.89% to 8.30%, leading to 10.28% rise in operating profit to Rs 3,160.13
crore. Purchase of finished goods cost rose from 84.76% to 85.27%.
Employee cost increased from 1.72% to 1.73%. Other
expenses rose from 4.73% to 4.80%.
Other income rose 12.79% to Rs
108.58 crore. PBIDT rose 10.36% to Rs 3268.71
crore. Provision for interest fell 13.82% to Rs 44.71
crore.
PBDT rose 10.79% to Rs 3224 crore. Provision
for depreciation rose 10.76% to Rs 525.87 crore.
Profit before tax grew 10.80% to Rs
2,698.13 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 725.66 crore, compared
to Rs 516.88 crore. Effective tax rate was 26.89% compared to
21.23%.
Minority interest decreased 221.43%
to Rs -0.45 crore. Net profit attributable to owners of the company
increased 2.84% to Rs 1,972.92 crore.
Promoters’ stake was 74.65% as of 31
December 2023 ,compared to 74.99% as of 31 December 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:
5 stores were added in Q3FY2024 and
17 stores were added in 9MFY2024 taking the total store count to 341.
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: We ended Q3 FY 2024 with a revenue growth of 17.2% as compared
to the corresponding quarter of last year. Contribution from General
Merchandise and Apparel has stabilised and trends are encouraging post Diwali.
This time the festive season sales were lower than expected in Non-FMCG. Within
FMCG, agri-staples (ex-edible oil) are going through significantly high
inflation. We opened 5 new stores during the quarter. Our total stores now stand
at 341.”
| Avenue Supermarts : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 13,572.47 | 11,569.05 | 17.32 | 38,062.28 | 32,245.45 | 18.04 | 42,839.56 | 30,976.27 | 38.30 | | OPM (%) | 8.25 | 8.34 | -9 bps | 8.30 | 8.89 | -58 bps | 8.49 | 8.07 | 42 bps | | OP | 1,119.89 | 965.26 | 16.02 | 3,160.13 | 2,865.52 | 10.28 | 3,637.03 | 2,498.50 | 45.57 | | Other Inc. | 32.92 | 31.56 | 4.31 | 108.58 | 96.27 | 12.79 | 129.34 | 117.49 | 10.09 | | PBIDT | 1,152.81 | 996.82 | 15.65 | 3,268.71 | 2,961.79 | 10.36 | 3,766.37 | 2,615.99 | 43.97 | | Interest | 14.55 | 16.98 | -14.31 | 44.71 | 51.88 | -13.82 | 67.41 | 53.79 | 25.32 | | PBDT | 1,138.26 | 979.84 | 16.17 | 3,224.00 | 2,909.91 | 10.79 | 3,698.96 | 2,562.20 | 44.37 | | Depreciation | 189.33 | 168.09 | 12.64 | 525.87 | 474.79 | 10.76 | 638.87 | 498.08 | 28.27 | | PBT | 948.93 | 811.75 | 16.90 | 2698.13 | 2435.12 | 10.80 | 3060.09 | 2064.12 | 48.25 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 948.93 | 811.75 | 16.90 | 2698.13 | 2435.12 | 10.80 | 3060.09 | 2064.12 | 48.25 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 948.93 | 811.75 | 16.90 | 2698.13 | 2435.12 | 10.80 | 3060.09 | 2064.12 | 48.25 | | Taxation | 258.52 | 222.11 | 16.39 | 725.66 | 516.88 | 40.39 | 681.75 | 571.72 | 19.25 | | PAT | 690.41 | 589.64 | 17.09 | 1972.47 | 1918.24 | 2.83 | 2378.34 | 1492.4 | 59.36 | | Minority Interest (MI) | -0.2 | -0.04 | -400.00 | -0.45 | -0.14 | -221.43 | -0.17 | -0.15 | -13.33 | | Net profit | 690.61 | 589.68 | 17.12 | 1972.92 | 1918.38 | 2.84 | 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 | 690.61 | 589.68 | 17.12 | 1972.92 | 1918.38 | 2.84 | 2378.51 | 1492.55 | 59.36 | | EPS (Rs)* | 10.61 | 9.06 | 17.12 | 30.32 | 29.48 | 2.84 | 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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