DMart Q2 net profit down 9% to Rs 623 Cr
DMart's revenue from operations was up 18.66% to Rs 12,624.37 crore against Rs 10,638.33 crore in the same quarter last fiscal.
Avenue Supermarts Ltd, which owns and operates the retail chain DMart, on Saturday, reported a 9.09% fall in consolidated net profit at Rs 623.35 crore for the second quarter ended September 30, as gross margins were impacted due to lesser contribution from general merchandise and apparel business.
The company had posted a net profit of Rs 685.71 crore in the July-September quarter a year ago, said Avenue Supermarts in a regulatory filing.
However, its revenue from operations was up 18.66% to Rs 12,624.37 crore during the quarter under review, as against Rs 10,638.33 crore in the corresponding quarter last fiscal.
Avenue Supermarts' total expenses in Q2 FY24 were Rs 11,809.35 crore, up 18.97% while total income was Rs 12,661.29 crore, up 18.61%.
For the first half of this fiscal, Avenue Supermarts' revenue from operations was Rs 24,489.81 crore and its net profit was Rs 1,282.06 crore.
"PAT margin stood at 5.2% in H1FY24, as compared to 6.4% in H1FY23," it said.
Avenue Supermarts CEO & Managing Director Neville Noronha said: "Q2 FY2024 saw revenue growth of 18.5%, as compared to the corresponding quarter of last year.
"Our gross margins continue to be lower compared to the same period in the previous year, due to lesser contribution from the higher margin general merchandise and apparel business."
During the June quarter, D-Mart opened nine new stores taking the total count to 336.
D-Mart operates across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.
