D-Q4 Mart net profit increased by 3.11% to Rs 426.75 crore

D-Q4 Mart net profit increased by 3.11% to Rs 426.75 crore

Avenue Supermarts’ total expenses surged 18.71 per cent to Rs 8,210.13 crore in Q4 FY2021-22 against Rs 6,916.24 crore a year ago. For the fiscal ended March 2022, Avenue Supermarts’ consolidated net profit grew 35.74 per cent to Rs 1,492.40 crore. It had reported a net profit of Rs 1,099.43 crore in the previous financial year. In 2021-22, its revenue from operations jumped 28.3 per cent to Rs 30,976.27 crore. It was Rs 24,143.06 crore in FY21.

Avenue Supermarts Ltd, which owns and manages retail brand D-Mart, announced a 3.11 percent increase in its consolidated net profit for the fourth quarter ended March 2022 to Rs 426.75 crore on Saturday. Avenue Supermarts reported a net profit of Rs 413.87 crore in the January-March quarter last year, according to a BSE filing. During the quarter under review, revenue from operations increased 18.55 percent to Rs 8,786.45 crore, up from Rs 7,411.68 crore in the previous fiscal quarter.

Avenue Supermarts CEO and MD Neville Noronha said: ”March 2022 month again had robust recovery and very satisfactory like for like growth vis-a-vis March 2021. In general, the quarter performance and past two waves of stop-start-stop give us extreme confidence in the resilience of the business to recover in the short term”.

D-Mart’s FMCG business is recovering well, he added. ”The value proposition is being distinctly seen by our customers in this segment. In the discretionary non-FMCG segment, as of now, it is hard to estimate if the relatively lower growth is due to a secular change over time due to the e-commerce shift or inflation or due to significantly higher Covid related negative economic impact for certain shoppers,” Noronha said.

Talking about DMart’s growth in the brick and mortar segment for FY22, he said the company ended the year with growth across key financial parameters of Revenue, EBITDA and PAT. ”Two years and older, DMart stores grew by 16.7 per cent during FY2022 as compared to FY 2021. We have 214 stores that are 2 years or older. Our sales from General Merchandise and Apparel moved slightly up at 23.40 per cent as compared to 22.90 per cent in the previous year,” he added.

In FY22, D-Mart opened 50 additional stores, taking the total to 284 stores. ”Our store footprint continues to grow across the country. We had a record opening this year primarily because of delayed openings in the previous year due to Covid,” he said.

Its e-commerce business DMart Ready also had gradual expansion during the year, which is present in 12 cities across the country. ”Post Omicron wave, the e-commerce business has slowed down its growth trajectory. However, in general, we are quite happy and excited about this business. We are learning every single day. DMart Ready has again had a tremendous year. Topline sales this year were slightly more than double that of last year,” Noronha said.

At a fundamental level, D-Mart believes that for grocery, e-commerce is a channel of convenience while brick and mortar is still the channel of joy, except for the effort to reach the store and the time to wait at the checkout. ”Each has its own unique magic. We will operate both channels to the best of our abilities with a mindset to improve on these principles and ensure that the value to the shopper remains supreme,” he said.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Yellen says she's pushing Biden for some tariff cuts in China
Yellen says she’s pushing Biden for some tariff cuts in China
“Some of them, to me, seem as though they impose more harm on consumers and businesses and aren’t very strategic in the sense of addressing real issues we ...
Apple wins appeal over allegedly defective MacBook Pro screens
Apple wins appeal over allegedly defective MacBook Pro screens
The lawsuit also alleged fraudulent concealment under a common law theory, and violations of deceptive trade statutes in Washington, Florida, New Jersey, ...
A Rising Tide In Q1 North American Phone Shipments, Motorola and Google Show Significant Improvements
A Rising Tide In Q1 North American Phone Shipments, Motorola and Google Show Significant Improvements
Apple expanded its lead over Samsung as the latter was able to increase its first-quarter shipments by only 1% in North America. The South Korean-based ...
In a forgery scheme, a judge sentenced former MIT business professor John Donovan Sr.  to two years in prison
In a forgery scheme, a judge sentenced former MIT business professor John Donovan Sr. to two years in prison
According to authorities, Essex Superior Court Judge Salim Tabit sentenced the defendant, John Donovan Sr., 80, of Hamilton, to two to two and a half years ...
Borderlands 3 is the first free PC game available as part of Epic Games’ Mega Sale
Borderlands 3 is the first free PC game available as part of Epic Games’ Mega Sale
Borderlands 3 was first released in 2019 on PlayStation 4, Windows PC (initially exclusively through the Epic Games Store), and Xbox One. Since its release, ...
A Monster’s Expedition, a critically acclaimed puzzle game, is now available on PS5 and PS4
A Monster’s Expedition, a critically acclaimed puzzle game, is now available on PS5 and PS4
As mentioned, it’s a relatively simple puzzler, but as expected, that basic premise gradually balloons in complexity as you can only move those logs in ...
LIC Housing Finance Q4 profit rises 180% to Rs 1,118 cr, credit costs fall
LIC Housing Finance Q4 profit rises 180% to Rs 1,118 cr, credit costs fall
However, its net profit for FY22 fell to Rs 2,287.28 crore from Rs 2,734.34 crore in FY21. The company’s board recommended a dividend of Rs 8.5 per share of ...
Gold shine fades as dollar rates rebound, rate hike fears loom
Gold shine fades as dollar rates rebound, rate hike fears loom
Federal Reserve Chair Jerome Powell on Tuesday pledged that the U.S. central bank would ratchet up interest rates as high as needed to kill a surge in ...
Fairfield's Last Phone Booth awakens memories of past meetings
Fairfield’s Last Phone Booth awakens memories of past meetings
• The world’s first telephone box, called “Fernsprechkiosk,” opened Jan. 12, 1881, at Potsdamer Platz, Berlin. To use it, one had to buy paper tickets called ...
On June 28th, Escape Academy will bring the escape room experience to PS5 and PS4
On June 28th, Escape Academy will bring the escape room experience to PS5 and PS4
The game was announced a couple of months ago with a loose release window of June this year. Now, the studio has confirmed Escape Academy will launch on 28th ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo