NEW DELHI: Avenue Supermarts (), one of India’s largest food and grocery retailers, on Saturday reported a 23.71 per cent year-on-year (YoY) jump in consolidated net profit at Rs 553 crore for the December quarter compared with Rs 447 crore in the corresponding quarter of last year.
Total conolidated revenue for the quarter rose 22.22 per cent YoY to Rs 9,218 crore from Rs 7,542 crore in the year-ago quarter.
PAT margin for the quarter improved to 6 per cent, up 10 basis points over 5.9 per cent in the same quarter last year, the company said in a BSE filing.
CEO & Managing Director Neville Noronha said overall gross margins were 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, he said.
“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,” Noronha said.
“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.
The company had earlier in business update said DMart had a total number of 263 stores as of December 31.
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