Avenue Supermarts tumbles 5% in two days

Avenue Supermarts (DMart) fell 1.57% to Rs 2197.50, extending losses for the second straight session following dismal Q1 results.

The company reported Q1 result on Saturday (11 July). The stock fell 3.86% to Rs 2232.45 on Monday (13 July). The counter has lost 5.3% in two days.

DMart'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 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.

Mumbai-based Avenue Supermarts owns and operates D-Mart stores. As of June 30, 2020 the Company had 216 stores with Retail Business Area of 8 million square feet across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.

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