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Results
13-Jan-25
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Analysis
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Avenue Supermarts
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Revenue up 17.7% YoY, Net profit up 4.8% YoY in Q3FY2025
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On consolidated basis
Quarter
ended December 2024 compared with Quarter ended December 2023.
Net sales (including other operating income) of Avenue Supermarts has increased
17.68% to Rs 15972.55 crore.
Operating profit margin has declined
from 8.25% to 7.62%, leading to 8.69% rise in operating profit to Rs 1,217.24
crore. Purchase of finished goods cost rose from 84.87% to 85.05%.
Employee cost increased from 1.75% to 1.94%. Other
expenses rose from 4.99% to 5.28%.
Other income fell 26.67% to Rs 24.14
crore. PBIDT rose 7.68% to Rs 1241.38 crore. Provision
for interest rose 25.15% to Rs 18.21 crore.
PBDT rose 7.46% to Rs 1223.17
crore. Provision for depreciation rose 20.49% to Rs 228.12
crore.
Profit before tax grew 4.86% to Rs
995.05 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 271.51 crore, compared
to Rs 258.52 crore. Effective tax rate was 27.29% compared to
27.24%.
Minority interest increased 10% to
Rs -0.18 crore. Net profit attributable to owners of the company
increased 4.79% to Rs 723.72 crore.
Promoters’ stake was 74.65% as of 31
December 2024 ,compared to 74.65% as of 31 December 2023 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Avenue Supermarts has increased
16.88% to Rs 44486.19 crore.
Operating profit margin has declined
from 8.30% to 7.94%, leading to 11.78% rise in operating profit to Rs 3,532.26
crore. Purchase of finished goods cost fell from 85.27% to 85.21%.
Employee cost increased from 1.73% to 1.89%. Other
expenses rose from 4.80% to 5.10%.
Other income fell 8.58% to Rs 99.26
crore. PBIDT rose 11.10% to Rs 3631.52 crore. Provision
for interest rose 12.93% to Rs 50.49 crore.
PBDT rose 11.07% to Rs 3581.03 crore. Provision
for depreciation rose 19.55% to Rs 628.66 crore.
Profit before tax grew 9.42% to Rs
2,952.37 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 795.71 crore, compared
to Rs 725.66 crore. Effective tax rate was 26.95% compared to
26.89%.
Minority interest decreased 2.22% to
Rs -0.46 crore. Net profit attributable to owners of the company
increased 9.34% to Rs 2,157.12 crore.
Promoters’ stake was 74.65% as of 31
December 2024 ,compared to 74.65% as of 31 December 2023 .
Full year results analysis.
Net sales (including other operating income) of Avenue Supermarts has increased
18.56% to Rs 50788.83 crore.
Operating profit margin has declined
from 8.49% to 8.08%, leading to 12.83% rise in operating profit to Rs 4,103.77
crore. Purchase of finished goods cost rose from 85.10% to 85.40%.
Employee cost increased from 1.72% to 1.76%. Other
expenses rose from 4.78% to 4.87%.
Other income rose 13.23% to Rs
146.45 crore. PBIDT rose 12.85% to Rs 4250.22
crore. Provision for interest fell 13.77% to Rs 58.13
crore. Loan funds declined from Rs 642.98 crore as of 31 March 2023
to Rs 592.16 crore as of 31 March 2024. Inventories rose to Rs
3,927.31 crore as of 31 March 2024 from Rs 3,243.48 crore as of 31 March
2023. Sundry debtors were higher at Rs 166.37 crore as of 31 March
2024 compared to Rs 62.16 crore as of 31 March 2023. Cash and bank
balance declined from Rs 1,408.33 crore as of 31 March 2023 to Rs 638.18 crore
as of 31 March 2024. Investments declined from Rs 202.20 crore as of
31 March 2023 to Rs 106.67 crore as of 31 March 2024.
PBDT rose 13.33% to Rs 4192.09
crore. Provision for depreciation rose 14.38% to Rs 730.76
crore. Fixed assets increased to Rs 14,241.60 crore as of 31 March
2024 from Rs 12,091.37 crore as of 31 March 2023. Intangible assets
increased from Rs 78.27 crore to Rs 108.62 crore.
Profit before tax grew 13.11% to Rs
3,461.33 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 925.72 crore, compared
to Rs 681.75 crore. Effective tax rate was 26.74% compared to
22.28%.
Minority interest decreased 229.41%
to Rs -0.56 crore. Net profit attributable to owners of the company
increased 6.63% to Rs 2,536.17 crore.
Equity capital increased from Rs
648.26 crore as of 31 March 2023 to Rs 650.73 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 74.65% as of 31
March 2024 ,compared to 74.93% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 2,745.84 crore for year ended March 2024 from Rs 2,630.27 crore
for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 2,731.25 crore, compared to Rs
2,211.95 crore during the year ended March 2023.
Operational highlights:
As of December
31, 2024, the Company had 387 operating stores with Retail Business Area of 16.1
million sq. ft across Maharashtra, Gujarat, Telangana, Andhra Pradesh,
Karnataka, Tamil Nadu, Madhya Pradesh, Rajasthan, Punjab, NCR, Chhattisgarh and
Daman.
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:
“Our revenue for Q3 FY 2025 grew by
17.5% over the previous year. The Q3 FY 2025 same store revenue growth for 2
years and older stores was at 8.3%.
We continue to see increased
intensity in discounting in the FMCG category and the consequent impact to high
turnover per square feet stores in metro towns. However, this quarter the
impact has relatively reduced versus the previous quarter (Q2 FY 2025). We stay
committed to being the most preferred value retailer to customers in the
vicinity of a DMart store or a Fulfilment centre of DMart Ready.
DMart Ready grew by 21.5% in 9 months
FY 2025. In the rapidly evolving dynamics of the grocery ecommerce market, we
are seeing significantly more demand for home delivery compared to pick-up
point and hence we continue to align our business to that extent. Our home
delivery business now far exceeds our pick-up point sales contribution. We will
continue to provide both channels of delivery as an option to our shoppers in
select towns. In several towns we now only operate ‘Home Delivery’ as a
delivery channel.”
| Avenue Supermarts : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202412 | 202312 | Var.(%) | 202412 | 202312 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 15,972.55 | 13,572.47 | 17.68 | 44,486.19 | 38,062.28 | 16.88 | 50,788.83 | 42,839.56 | 18.56 | | OPM (%) | 7.62 | 8.25 | -63 bps | 7.94 | 8.30 | -36 bps | 8.08 | 8.49 | -41 bps | | OP | 1,217.24 | 1,119.89 | 8.69 | 3,532.26 | 3,160.13 | 11.78 | 4,103.77 | 3,637.03 | 12.83 | | Other Inc. | 24.14 | 32.92 | -26.67 | 99.26 | 108.58 | -8.58 | 146.45 | 129.34 | 13.23 | | PBIDT | 1,241.38 | 1,152.81 | 7.68 | 3,631.52 | 3,268.71 | 11.10 | 4,250.22 | 3,766.37 | 12.85 | | Interest | 18.21 | 14.55 | 25.15 | 50.49 | 44.71 | 12.93 | 58.13 | 67.41 | -13.77 | | PBDT | 1,223.17 | 1,138.26 | 7.46 | 3,581.03 | 3,224.00 | 11.07 | 4,192.09 | 3,698.96 | 13.33 | | Depreciation | 228.12 | 189.33 | 20.49 | 628.66 | 525.87 | 19.55 | 730.76 | 638.87 | 14.38 | | PBT | 995.05 | 948.93 | 4.86 | 2952.37 | 2698.13 | 9.42 | 3461.33 | 3060.09 | 13.11 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 995.05 | 948.93 | 4.86 | 2952.37 | 2698.13 | 9.42 | 3461.33 | 3060.09 | 13.11 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 995.05 | 948.93 | 4.86 | 2952.37 | 2698.13 | 9.42 | 3461.33 | 3060.09 | 13.11 | | Taxation | 271.51 | 258.52 | 5.02 | 795.71 | 725.66 | 9.65 | 925.72 | 681.75 | 35.79 | | PAT | 723.54 | 690.41 | 4.80 | 2156.66 | 1972.47 | 9.34 | 2535.61 | 2378.34 | 6.61 | | Minority Interest (MI) | -0.18 | -0.2 | 10.00 | -0.46 | -0.45 | -2.22 | -0.56 | -0.17 | -229.41 | | Net profit | 723.72 | 690.61 | 4.79 | 2157.12 | 1972.92 | 9.34 | 2536.17 | 2378.51 | 6.63 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 723.72 | 690.61 | 4.79 | 2157.12 | 1972.92 | 9.34 | 2536.17 | 2378.51 | 6.63 | | EPS (Rs)* | 11.12 | 10.61 | 4.79 | 33.15 | 30.32 | 9.34 | 38.97 | 36.55 | 6.63 | | | * EPS is on current equity of Rs 650.73 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 |
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