D-Mart's third qtr profit jumps 16.4% to Rs 447 crore; revenue up about 11%

Avenue Supermarts Ltd, which owns and operates retail chain D-Mart reported an increase of 16.39 per cent in its consolidated net profit at Rs 446.95 crore for the third quarter

Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, on Saturday reported an increase of 16.39 per cent in its consolidated net profit at Rs 446.95 crore for the third quarter ended December 2020.

The company had posted a net profit of Rs 384.01 crore in the October-December quarter a year ago, Avenue Supermarts said in a BSE filing.

Its revenue from operations was up 10.77 per cent at Rs 7,542 crore during the quarter under review as against Rs 6,808.93 crore in the corresponding quarter last fiscal.

Avenue Supermarts' total expenses were at Rs 6,977.88 crore as against Rs 6,325.03 crore, up 10.32 per cent.

While on the standalone basis, Avenue Supermarts' net profit was up 19.27 per cent at Rs 470.25 crore as against Rs 394.26 crore of the Q3/FY 2019-20.

Its standalone revenue during the quarter was at Rs 7,432.69 crore.

Commenting on the results, Avenue Supermarts CEO & Managing Director Neville Noronha said there is further improvement in company's business and financial metrics during this quarter helped by festive sales.

"Our overall sales and sales mix are now trending very close to our usual times except for specific customer consumption changes post COVID-19. Apparel, laundry, footwear, travel and such relevant out of home usage categories are taking more time to recover, he added.

However, December month did not trend as well as the festival months of October and November.

Two years and older D-Mart stores did 96 per cent of December 2019 sales in the month of December 2020. We have 162 stores that are 2 years or older, he added.