Avenue Supermarts slips after weak Q1 result

Avenue Supermarts fell 2.47% to Rs 2,264.85 after the company's consolidated net profit slumped 85.22% to Rs 49.56 crore on 32.94% fall in total income to Rs 3,884.57 crore in Q1 June 2020 over Q1 June 2019.

Consolidated Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) fell 81.24% to Rs 112 crore in the latest quarter, as compared to Rs. 597 crore in the corresponding quarter of last year. EBITDA margin stood at 2.9% as on 30 June 2020 as compared to 10.3% as on 30 June 2019.

Commenting on the financial performance of the company, Neville Noronha, CEO & managing director, Avenue Supermarts, said Covid-19 continued to spread across the country. The ensuing restrictions have had a significant impact on the company's operational and financial performance in the quarter.

Avenue Supermarts owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof. As of June 30, 2020 the company had 216 stores with Retail Business Area of 8 million sq. ft. across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.

Powered by Capital Market - Live News