On consolidated basis
Quarter
ended March 2024 compared with Quarter ended March 2023.
Net sales (including other operating income) of Avenue Supermarts has increased
20.13% to Rs 12726.55 crore.
Operating profit margin has jumped
from 7.28% to 7.41%, leading to 22.31% rise in operating profit to Rs 943.64
crore. Purchase of finished goods cost fell from 86.14% to 85.78%.
Employee cost increased from 1.74% to 1.86%. Other
expenses rose from 4.94% to 5.06%.
Other income rose 14.51% to Rs 37.87
crore. PBIDT rose 21.99% to Rs 981.51 crore. Provision
for interest fell 13.59% to Rs 13.42 crore. Loan funds declined from
Rs 642.98 crore as of 31 March 2023 to Rs 592.16 crore as of 31 March
2024. Inventories rose to Rs 3,927.31 crore as of 31 March 2024 from
Rs 3,243.48 crore as of 31 March 2023. Sundry debtors were higher at
Rs 166.37 crore as of 31 March 2024 compared to Rs 62.16 crore as of 31 March
2023. Cash and bank balance declined from Rs 1,408.33 crore as of 31
March 2023 to Rs 638.18 crore as of 31 March 2024. Investments
declined from Rs 202.20 crore as of 31 March 2023 to Rs 106.67 crore as of 31
March 2024.
PBDT rose 22.69% to Rs 968.09
crore. Provision for depreciation rose 24.87% to Rs 204.89
crore. Fixed assets increased to Rs 14,271.95 crore as of 31 March
2024 from Rs 12,091.37 crore as of 31 March 2023. Intangible assets
stood at Rs 78.27 crore.
Profit before tax grew 22.12% to Rs
763.20 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 200.06 crore, compared
to Rs 164.87 crore. Effective tax rate was 26.21% compared to
26.38%.
Minority interest decreased 266.67%
to Rs -0.11 crore. Net profit attributable to owners of the company
increased 22.41% to Rs 563.25 crore.
Equity capital increased from Rs
648.26 crore as of 31 March 2023 to Rs 650.73 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 74.65% as of 31
March 2024 ,compared to 74.93% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Avenue Supermarts has increased
18.56% to Rs 50788.83 crore.
Operating profit margin has declined
from 8.49% to 8.08%, leading to 12.83% rise in operating profit to Rs 4,103.77
crore. Purchase of finished goods cost rose from 85.10% to 85.40%.
Employee cost increased from 1.72% to 1.76%. Other
expenses rose from 4.78% to 4.87%.
Other income rose 13.23% to Rs
146.45 crore. PBIDT rose 12.85% to Rs 4250.22
crore. Provision for interest fell 13.77% to Rs 58.13
crore. Loan funds declined from Rs 642.98 crore as of 31 March 2023
to Rs 592.16 crore as of 31 March 2024. Inventories rose to Rs
3,927.31 crore as of 31 March 2024 from Rs 3,243.48 crore as of 31 March
2023. Sundry debtors were higher at Rs 166.37 crore as of 31 March
2024 compared to Rs 62.16 crore as of 31 March 2023. Cash and bank
balance declined from Rs 1,408.33 crore as of 31 March 2023 to Rs 638.18 crore
as of 31 March 2024. Investments declined from Rs 202.20 crore as of
31 March 2023 to Rs 106.67 crore as of 31 March 2024.
PBDT rose 13.33% to Rs 4192.09
crore. Provision for depreciation rose 14.38% to Rs 730.76
crore. Fixed assets increased to Rs 14,271.95 crore as of 31 March
2024 from Rs 12,091.37 crore as of 31 March 2023. Intangible assets
stood at Rs 78.27 crore.
Profit before tax grew 13.11% to Rs
3,461.33 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 925.72 crore, compared
to Rs 681.75 crore. Effective tax rate was 26.74% compared to
22.28%.
Minority interest decreased 229.41%
to Rs -0.56 crore. Net profit attributable to owners of the company
increased 6.63% to Rs 2,536.17 crore.
Equity capital increased from Rs
648.26 crore as of 31 March 2023 to Rs 650.73 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 74.65% as of 31
March 2024 ,compared to 74.93% as of 31 March 2023 .
Operational highlights:
24 stores were added in Q4FY2024 and
41 stores were added in FY2024 taking the total store count to 365.
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: We ended the year with growth across key financial parameters of
Revenue, EBITDA and PAT. Two years and older DMart stores grew by 9.9% during
FY 2024 as compared to FY 2023. We have 284 stores that are 2 years or older. We
opened 41 new stores during the year and our total store count stands at 365.
Q4 FY 2024 saw continued uptick in
the contribution from General Merchandise and Apparel. Our Gross Margin improvement
(Q4 FY 2024 vs Q4 FY 2023) reflects this mix improvement.
DMart Ready: Our E-Commerce business
commenced operations in 1 new city (Gurugram) during the year while continuing
to deepen its presence in existing cities. We are now present across 23 cities
in India.”
| Avenue Supermarts : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 12,726.55 | 10,594.11 | 20.13 | 50,788.83 | 42,839.56 | 18.56 | | OPM (%) | 7.41 | 7.28 | 13 bps | 8.08 | 8.49 | -41 bps | | OP | 943.64 | 771.51 | 22.31 | 4,103.77 | 3,637.03 | 12.83 | | Other Inc. | 37.87 | 33.07 | 14.51 | 146.45 | 129.34 | 13.23 | | PBIDT | 981.51 | 804.58 | 21.99 | 4,250.22 | 3,766.37 | 12.85 | | Interest | 13.42 | 15.53 | -13.59 | 58.13 | 67.41 | -13.77 | | PBDT | 968.09 | 789.05 | 22.69 | 4,192.09 | 3,698.96 | 13.33 | | Depreciation | 204.89 | 164.08 | 24.87 | 730.76 | 638.87 | 14.38 | | PBT | 763.20 | 624.97 | 22.12 | 3461.33 | 3060.09 | 13.11 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 763.2 | 624.97 | 22.12 | 3461.33 | 3060.09 | 13.11 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 763.2 | 624.97 | 22.12 | 3461.33 | 3060.09 | 13.11 | | Taxation | 200.06 | 164.87 | 21.34 | 925.72 | 681.75 | 35.79 | | PAT | 563.14 | 460.1 | 22.40 | 2535.61 | 2378.34 | 6.61 | | Minority Interest (MI) | -0.11 | -0.03 | -266.67 | -0.56 | -0.17 | -229.41 | | Net profit | 563.25 | 460.13 | 22.41 | 2536.17 | 2378.51 | 6.63 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 563.25 | 460.13 | 22.41 | 2536.17 | 2378.51 | 6.63 | | EPS (Rs)* | 8.66 | 7.07 | 22.41 | 38.97 | 36.55 | 6.63 | | | * 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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