Avenue Supermarts Reports Strong Q2 Profits and Expansion

Avenue Supermarts Ltd, operating the D-Mart chain, recorded a 5.78% net profit increase to Rs 659.44 crore for Q2 2024. Revenue rose 14.41% to Rs 14,444.50 crore. Six new stores were opened, totaling 377 by late September. Like-for-like revenue growth for older stores was 5.5%.

Avenue Supermarts Ltd, the proprietor of the well-known retail chain D-Mart, has announced a 5.78% rise in its consolidated net profit for the second quarter of 2024, totaling Rs 659.44 crore. This marks an increase from Rs 623.35 crore reported in the same quarter last year.

The company's revenue from operations saw a notable climb of 14.41%, reaching Rs 14,444.50 crore during this period, compared to Rs 12,624.37 crore in the previous fiscal's corresponding quarter. Total expenses for Avenue Supermarts increased by 14.94% to Rs 13,574.83 crore, while total income, including other income, experienced a surge of 14.34% to Rs 14,478.02 crore.

Throughout this quarter, D-Mart expanded its reach by inaugurating six new stores, bringing the total count to 377 as of September's end. CEO & Managing Director Neville Noronha highlighted a 5.5% like-for-like revenue growth for stores operational for at least two years, as D-Mart continued to supply essential products across several key Indian markets.

(With inputs from agencies.)