 |
Results
14-May-23
|
|
|
|
|
|
|
|
Analysis
|
|
|
|
Avenue Supermarts
|
|
Revenue up 20.1% yoy, Net profit up 70.8% YoY in Q4FY2023
|
|
|
|
|
On consolidated basis
Quarter
ended March 2023 compared with Quarter ended March 2022.
Net sales (including other operating income) of Avenue Supermarts has increased
20.57% to Rs 10594.11 crore.
Operating profit margin has declined
from 8.41% to 7.28%, leading to 4.36% rise in operating profit to Rs 771.51
crore. Purchase of finished goods cost rose from 85.30% to 86.14%.
Employee cost decreased from 1.80% to 1.74%. Other
expenses rose from 4.63% to 4.94%.
Other income rose 1.54% to Rs 33.07
crore. PBIDT rose 4.24% to Rs 804.58 crore. Provision for
interest fell 6.61% to Rs 15.53 crore. Loan funds declined from Rs
646.94 crore as of 31 March 2022 to Rs 642.98 crore as of 31 March
2023. Inventories rose to Rs 3,243.48 crore as of 31 March 2023 from
Rs 2,742.66 crore as of 31 March 2022. Sundry debtors were lower at
Rs 62.16 crore as of 31 March 2023 compared to Rs 66.89 crore as of 31 March
2022. Cash and bank balance rose to Rs 1,408.33 crore as of 31 March
2023 from Rs 298.58 crore as of 31 March 2022. Investments rose to
Rs 202.20 crore as of 31 March 2023 from Rs 5.94 crore as of 31 March 2022
.
PBDT rose 4.48% to Rs 789.05
crore. Provision for depreciation rose 12.13% to Rs 164.08
crore. Fixed assets increased to Rs 12,091.37 crore as of 31 March
2023 from Rs 10,311.09 crore as of 31 March 2022. Intangible assets
stood at Rs 78.27 crore.
Profit before tax grew 2.64% to Rs
624.97 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 164.87 crore, compared
to Rs 182.14 crore. Effective tax rate was 26.38% compared to
29.91%.
Minority interest increased 62.50%
to Rs -0.03 crore. Net profit attributable to owners of the company
increased 7.80% to Rs 460.13 crore.
Equity capital increased from Rs
647.77 crore as of 31 March 2022 to Rs 648.26 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 74.93% as of 31
March 2023 ,compared to 74.99% as of 31 March 2022 .
Full year results analysis.
Net sales (including other operating income) of Avenue Supermarts has increased
38.30% to Rs 42839.56 crore.
Operating profit margin has jumped
from 8.07% to 8.49%, leading to 45.57% rise in operating profit to Rs 3,637.03
crore. Purchase of finished goods cost fell from 85.45% to 85.10%.
Employee cost decreased from 1.96% to 1.72%. Other
expenses rose from 4.65% to 4.78%.
Other income rose 10.09% to Rs
129.34 crore. PBIDT rose 43.97% to Rs 3766.37
crore. Provision for interest rose 25.32% to Rs 67.41
crore. Loan funds declined from Rs 646.94 crore as of 31 March 2022
to Rs 642.98 crore as of 31 March 2023. Inventories rose to Rs
3,243.48 crore as of 31 March 2023 from Rs 2,742.66 crore as of 31 March
2022. Sundry debtors were lower at Rs 62.16 crore as of 31 March
2023 compared to Rs 66.89 crore as of 31 March 2022. Cash and bank
balance rose to Rs 1,408.33 crore as of 31 March 2023 from Rs 298.58 crore as
of 31 March 2022. Investments rose to Rs 202.20 crore as of 31 March
2023 from Rs 5.94 crore as of 31 March 2022 .
PBDT rose 44.37% to Rs 3698.96
crore. Provision for depreciation rose 28.27% to Rs 638.87
crore. Fixed assets increased to Rs 12,091.37 crore as of 31 March
2023 from Rs 10,311.09 crore as of 31 March 2022. Intangible assets
stood at Rs 78.27 crore.
Profit before tax grew 48.25% to Rs
3,060.09 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 681.75 crore, compared
to Rs 571.72 crore. Effective tax rate was 22.28% compared to
27.70%.
Minority interest decreased 13.33%
to Rs -0.17 crore. Net profit attributable to owners of the company
increased 59.36% to Rs 2,378.51 crore.
Equity capital increased from Rs
647.77 crore as of 31 March 2022 to Rs 648.26 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 74.93% as of 31
March 2023 ,compared to 74.99% as of 31 March 2022 .
Cash flow from operating activities
increased to Rs 2,630.27 crore for year ended March 2023 from Rs 1,372.35 crore
for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 2,211.95 crore, compared to Rs
2,410.42 crore during the year ended March 2022.
Operational highlights:
18 stores were added in Q4FY2023 and
for the whole FY2023 40 stores were added.
Management Commentary:
D-Mart follows Everyday low cost -
Everyday low price (EDLC-EDLP) strategy which aims at procuring goods at
competitive price, using operational and distribution efficiency and thereby
delivering value for money to customers by selling at competitive prices.
Commenting on the performance of the
company Mr. Neville Noronha, CEO & Managing Director, Avenue Supermarts
Limited, said:
“DMart (Brick and Mortar) Business Overview
We ended FY 2023 with growth across our key financial parameters of Revenue, EBITDA and PAT. Revenue growth
of FMCG and staples continues to outperform General Merchandise and Apparel.
Lower consumer spending in General Merchandise and Apparel continues and has
impacted the margin mix downwards.
Two years and older
DMart stores grew by 24.2% during FY 2023 as compared to FY 2022. These same
stores grew at 11.0% in the second half of FY 2023 vis-a-vis second half
of FY 2022. We have 234 stores that are 2
years or older. We continued to
expand our store footprint and opened 40 new stores during the year taking
our cumulative total to 324 stores.
DMart Ready
Our E-Commerce business
continued its expansion in our existing 22 cities. We cumulatively expanded our
operations in 10 new cities during FY 2023.
Pharmacy Shop-in-shop
We have commenced
operations of our pharmacy shop-in-shop through one of our subsidiaries (Reflect
Healthcare and Retail Private Limited) during the quarter through the launch of
our first outlet in the Mumbai Metropolitan Region.”
| Avenue Supermarts : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 10,594.11 | 8,786.45 | 20.57 | 42,839.56 | 30,976.27 | 38.30 | | OPM (%) | 7.28 | 8.41 | -113 bps | 8.49 | 8.07 | 42 bps | | OP | 771.51 | 739.28 | 4.36 | 3,637.03 | 2,498.50 | 45.57 | | Other Inc. | 33.07 | 32.57 | 1.54 | 129.34 | 117.49 | 10.09 | | PBIDT | 804.58 | 771.85 | 4.24 | 3,766.37 | 2,615.99 | 43.97 | | Interest | 15.53 | 16.63 | -6.61 | 67.41 | 53.79 | 25.32 | | PBDT | 789.05 | 755.22 | 4.48 | 3,698.96 | 2,562.20 | 44.37 | | Depreciation | 164.08 | 146.33 | 12.13 | 638.87 | 498.08 | 28.27 | | PBT | 624.97 | 608.89 | 2.64 | 3060.09 | 2064.12 | 48.25 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 624.97 | 608.89 | 2.64 | 3060.09 | 2064.12 | 48.25 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 624.97 | 608.89 | 2.64 | 3060.09 | 2064.12 | 48.25 | | Taxation | 164.87 | 182.14 | -9.48 | 681.75 | 571.72 | 19.25 | | PAT | 460.1 | 426.75 | 7.81 | 2378.34 | 1492.4 | 59.36 | | Minority Interest (MI) | -0.03 | -0.08 | 62.50 | -0.17 | -0.15 | -13.33 | | Net profit | 460.13 | 426.83 | 7.80 | 2378.51 | 1492.55 | 59.36 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 460.13 | 426.83 | 7.80 | 2378.51 | 1492.55 | 59.36 | | EPS (Rs)* | 7.08 | 6.57 | 7.80 | 36.61 | 22.98 | 59.36 | | | * EPS is on current equity of Rs 649.61 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
|
|
|
|
Previous News |
Avenue Supermarts consolidated net profit rises 5.78% in the September 2024 quarter
(
Results
-
Announcements
14-Oct-24
07:52
)
|
|
|
Stock Alert: Avenue Supermart, Wipro, JSW Energy, Sula Vineyards, Hathway Cable & Datacom
(
Market Commentary
-
Stock Alert
14-Oct-24
08:29
)
|
|
|
Avenue Supermarts
(
Results
-
Analysis
14-Jul-24
07:07
)
|
|
|
Avenue Supermarts opens new store in Gopanpally, Nizamabad
(
Corporate News
-
03-Dec-24
18:37
)
|
|
|
Market drifts higher in early trade; Nifty above 22,500 level
(
Market Commentary
-
Mid-Session
04-Apr-24
09:31
)
|
|
|
Avenue Supermarts consolidated net profit rises 17.47% in the June 2024 quarter
(
Results
-
Announcements
13-Jul-24
14:54
)
|
|
|
Avenue Supermarts
(
Results
-
Analysis
16-Jul-23
06:53
)
|
|
|
Avenue Supermarts consolidated net profit declines 9.07% in the September 2023 quarter
(
Results
-
Announcements
14-Oct-23
13:54
)
|
|
|
Avenue Supermarts Q1 PAT climbs 17% YoY to Rs 774 cr in FY25
(
Hot Pursuit
-
13-Jul-24
16:00
)
|
|
|
Avenue Supermarts consolidated net profit rises 2.46% in the June 2023 quarter
(
Results
-
Announcements
15-Jul-23
16:27
)
|
|
|
Avenue Supermarts Q2 PAT slips 9% YoY to Rs 623 cr
(
Hot Pursuit
-
14-Oct-23
15:34
)
|
|
|
|
|
|
Other Stories |
|
|
|
|
|
|
|