Share price of Avenue Supermarts, the operator of D-Mart stores, rose up to 10.95% to a fresh record high of Rs 2,537 per share in today's trade. With today's surge, Avenue Supermarts has become the 18th most valuable company on BSE in terms of market capitalisation. Avenue Supermarts' market capitalisation stood at Rs 1,55,948.65 crore on BSE.
It has surpassed Nestle India and Bajaj Finserv which are on 19th and 20th positions, respectively. While market capitalisation of Nestle India stood at Rs 1,55,886 crore, Bajaj Finserv closed at market cap of Rs 1,53,196 crore today. Avenue Supermarts, the parent firm of D-Mart, is among the most profitable food and grocery retail chains in India. Avenue Supermarts share price closed 8.63% or 197 points higher at Rs 2,484 against the previous close of Rs 2,286 on BSE.
The past year has been particularly good with Avenue Supermarts stock gaining 68.7%. In comparison, Sensex rose 12.13% during the period. The stock has gained 35.14% since the beginning of this year. Avenue Supermarts share price rose up to 5% to hit an all-time high on February 6 after the company launched a qualified institutional placement (QIP) on February 5, offering to raise up to Rs 4,098 crore. The firm will issue 2 crore equity shares of face value Rs 10 each, at a floor price of Rs 1,999.04 apiece, through the QIP.
Avenue Supermarts logged a 53.3 per cent year-on-year rise in standalone profit at Rs 394 crore in Q3 of current fiscal compared with Rs 257 crore recorded in the corresponding quarter of last fiscal.
Revenue rose 23.90 per cent to Rs 6,752 crore compared with Rs 5,451 crore reported for the year-ago period. EBITDA rose to Rs 593 crore from Rs 453 crore year on year. EBITDA margin for the quarter came in at 8.8 per cent, a rise of 50 basis points over 8.3 per cent.
By Aseem Thapliyal