Avenue Supermarts share price fell for the fourth straight session today after the company reported weak Q1 earnings. The stock has fallen 13.54% or Rs 315 on NSE in last 4 days. On July 10, before earnings were announced, the stock closed at 2,322 on NSE. It closed at Rs 2007 on NSE today.
It touched an intraday low of Rs 1,981.15, down 7.71% today. The large cap stock closed 6.47% or Rs 138 lower at Rs 2007 against previous close of Rs 2146 on BSE.
Avenue Supermarts share price stands lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock price of Avenue Supermarts has fallen 13.5% in one week and 16.37% in one month. In a month, the share has climbed 37.1%.
Total 2.36 lakh shares changed hands amounting to turnover of Rs 47.90 crore on BSE. Market cap of the firm fell to Rs 1.30 lakh crore. The Mumbai-based firm owned by ace investors RK Damani reported its Q1 earnings on July 11. The Q1 performance was significantly hit by coronavirus lockdown imposed across the country.
The holding company if popular retail chain D-Mart reported a 87.61% year-on-year (YoY) crash in consolidated net profit to Rs 40.09 crore for the first quarter ended June 2020. In Q1 of last fiscal, the firm reported profit of Rs 323.09 crore. Company's revenue fell 33.22% to Rs 3,883.2 crore in Q1 FY21 compared to Rs 5,814.6 crore in Q1 FY20. "Covid-19 continued to spread across the country.
The ensuing restrictions have had a significant impact on our operational and financial performance in the quarter. Our revenue, Ebitda and profit for the quarter were significantly lower as compared to the same quarter last year," said Chief Executive & MD Neville Noronha.
On its online business DMart Ready, the company said its sales in Mumbai have grown very well. With D-Mart online sales also growing well in Mumbai, the company said it is now attempting to scale it up.
"Wherever stores were allowed to operate unhindered, we recovered to 80 per cent or more of pre-COVID sales in most stores," said Avenue Supermarts in a post earnings statement.
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