Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, on Saturday reported a 23.71% year-on-year (YoY) increase in consolidated net profit at Rs 553 crore for the December quarter (Q3) as against Rs 447 crore in the corresponding quarter last year, the company said in a statement on Saturday.
Overall consolidated revenue for the quarter jumped 22.22% YoY to Rs 9,218 crore from Rs 7,542 crore in the year-ago quarter.
PAT margin for Q3 improved to 6%, a rise of 10 basis points over 5.9% in the same quarter last year, the company said in a regulatory filing.
Commenting on the performance of the company Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited, said, "Revenue in the DMart stores grew by 22.0% in this quarter over the corresponding quarter of last year. Overall gross margins are marginally lower due to mix deterioration. General merchandise and apparel business is consistently seeing relatively lesser sales contribution while essentials and FMCG are doing better. Inflation and lesser opportunities to go out are negatively impacting certain categories more than others."
"We are seeing higher inflation as an opportunity to make our buying more efficient, our assortment sharper and continue to keep our costs low. Considering the current Covid wave, our sales and footfalls will be dependent on local regulations. We continue to take all precautions to ensure every shopper, employee and partner is operating in a safe environment," he added.
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