Avenue Supermarts Q3 net profit rises 17 percent to Rs 690 crore

Avenue Supermarts, which operates the retail chain D-Mart reported a 17 percent rise in consolidated net profit at Rs 690 crore ($83.3 million) in the third quarter of fiscal year 2023-24, as against Rs 590 crore in the year-ago period.

The company’s revenue for the quarter rose by 17 percent at Rs 13,572 crore, as against Rs 11,569 crore in the December 2022 quarter.

The total expenses during the quarter was Rs 12,656 crore, as against Rs 10,789 crore in the year ago period.

Commenting on the results, Neville Noronha, CEO managing director of Avenue Supermarts in a statement said, “We ended Q3 FY 2024 with a revenue growth of 17.2 percent 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 are going through significantly high inflation.”

The company ended the quarter with a store count of 341 as of December 31, 2023.