Avenue Supermarts shares decline over 4 pc after Q1 earnings

Avenue Supermarts Ltd on Saturday reported an 87.59 per cent decline in consolidated net profit at Rs 40.08 crore for the June quarter, impacted by the COVID-19 crisis. The company had posted a net profit of Rs 323.06 crore in the April-June period a year ago, Avenue Supermarts said in a BSE filing.

Shares of Avenue Supermarts Ltd fell over 4 per cent on Monday after the company reported an 87.59 per cent decline in consolidated net profit for the June quarter. The stock declined 3.86 per cent to close at Rs 2,232.45 on the BSE. During the day, it tanked 6 per cent to Rs 2,182.

On the NSE, it went down 4.29 per cent to settle at Rs 2,223. Avenue Supermarts Ltd on Saturday reported an 87.59 per cent decline in consolidated net profit at Rs 40.08 crore for the June quarter, impacted by the COVID-19 crisis.

The company had posted a net profit of Rs 323.06 crore in the April-June period a year ago, Avenue Supermarts said in a BSE filing. Revenue from operations dropped 33.21 per cent to Rs 3,883.18 crore during the quarter under review as against Rs 5,814.56 crore in the year-ago quarter. "COVID-19 continued to spread across the country. The ensuing restrictions have had a significant impact on our operational and financial performance in the quarter. Our revenue, EBIDTA and PAT for the quarter were significantly lower as compared to the same quarter last year," Avenue Supermarts CEO and Managing Director Neville Noronha said. Avenue Supermarts Ltd owns and operates retail chain D-Mart.