Revenue from operations jumped 18.67% year on year to Rs 12,624.37 crore in the quarter ended 30 September 2023.

PAT margin stood at 4.9% in Q2 FY24 as compared to 6.4% in Q2 FY23.

Profit before tax in Q2 FY24 was at Rs 851.94 crore, up 13.9% form Rs 747.95 crore recorded in the corresponding quarter previous year.

Total expenses was at Rs 11,809.35 crore in Q2 FY24, registering a growth of 19% YoY.

Earnings before interest, tax, depreciation and amortization (EBITDA) in Q2 FY24 stood at Rs 1,005 crore, registering a growth of 12.67% as against Rs 892 crore in Q2 FY23. EBITDA margin reduced to 8% in the second quarter of FY24 as compared to 8.4% posted in Q2 FY23.

On half-yearly basis, the company's net profit shed 3.49% to Rs 1,282.31 crore despite of 18.44% increase in revenue to Rs 24,489.81 crore in H1 FY24 over H1 FY23.

On standalone basis, DMart reported 9.85% fall in net profit to Rs 658.54 crore in Q2 FY24 from Rs 730.48 crore in Q2 FY23. Revenue grew by 18.52% YoY to Rs 12,307.72 crore in Q2 FY24.

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

Neville Noronha, CEO & managing director, Avenue Supermarts, 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 is a Mumbai-based company, which owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof. As of June 30, 2023, the company had 327 operating stores with retail business area of 13.5 million sq. ft across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.

Shares of Avenue Supermarts gained 1.78% to end at Rs 3,932.75 on Friday, 13 October 2023.