Additionally, the Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) for Q3FY24 increased by 15% to Rs 1,121 crore, compared to Rs 974 crore in the same quarter of the previous year. The EBITDA margin stood at 8.5% in Q3FY24, a slight decrease from 8.6% in Q3FY23.

The company expanded its footprint by adding 5 stores in Q3FY24.

Neville Noronha, CEO & Managing Director, Avenue Supermarts, 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."

Mumbai-based Avenue Supermarts owns and runs the popular D-Mart stores, a national supermarket chain offering a variety of home and personal products. The company inaugurated its first store in Mumbai in 2002 and has since expanded to operate 341 stores as of 31 December 2023. These stores span a retail business area of 14.19 million square feet across numerous states including Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh, and Punjab.