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Avenue E-Commerce losses widen, revenue surges past Rs 2,000 crore

In FY23, Ignatius Navil Noronha, CEO & MD of Avenue Supermarts salary stood at Rs 4.55 crore, the same as the previous year

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Sharleen Dsouza Mumbai

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Avenue E-Commerce, a subsidiary of Avenue Supermarts, saw its losses widen, even as its revenue was up by 32.1 per cent in FY23, the company that runs supermarkets and hypermarkets under the brand name DMart, said in its annual report. 

The multi-channel grocery retail arm of Avenue Supermarts, which also has pick-up counters closer to its customers, reported losses at Rs 193.70 crore in FY23, compared to a loss of Rs 142.07 crore in FY22.

Its revenue in the previous financial year stood at Rs 2,202.03 compared to Rs  1,667.21 crore in FY22. The multi-retail subsidiary completed six years of service in the e-commerce space in January 2023. In the previous financial year, it added 10 more cities to include Chandigarh, Jaipur, Sanand, Anand, Belagavi, Chennai, Visakhapatnam, Bhilai, Raipur and Ghaziabad.

At the beginning of FY23, Avenue E-Commerce also started a small format grocery store under the brand name DMart miniMax. It initially opened two stores and then went on to add another 13 stores in the previous financial year.

In FY23, Ignatius Navil Noronha, CEO & MD of Avenue Supermarts salary stood at Rs  4.55 crore, the same as the previous year.

“The global macro headwinds notwithstanding, India remains a bright spot. In comparison to other subcontinent countries, India has remained resilient from geopolitical and other disruptions. In fact, India is expected to be one of the fastest-growing major economies in the world,” Ramesh Damani, chairman of Avenue Supermarts said in its letter to shareholders in the company’s FY23 annual report.

Damani said that India is expected to be one of the fastest-growing major economies in the world and the country’s resilience stems from the structural strengths of its economy, bolstered by supportive government policies, a stable political and economic environment, and robust private consumption.

“At DMart, our growth in the organised retail segment continues, driven by a steady expansion of our store network, and reasonable growth across financial and operational parameters,” he added.

In the previous financial year, the company added 40 new stores. Since FY18, it has more than doubled the count of DMart stores to 324.

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First Published: Jul 19 2023 | 8:16 PM IST

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