Avenue Supermarts Ltd, which runs retail stores under the brand D-Mart, in its March quarter results for FY20 reported a 41.60% jump in consolidated net profit to Rs. 271.28 crore. In the same quarter last year, the company's profit came in at Rs. 191.57 crore.
Revenue from operations grew 23.6% y-o-y to Rs. 6255.93 crore compared to Rs. 5061.65 crore in the corresponding quarter a year-ago.
Expenses at the retailing company jumped 25% to Rs. 5,957.53 crore from Rs 4,767.21 crore.
Revenue at the company also scaled higher by 23% during the March ended quarter.
Nonetheless because of the lockdown that came into force on March 25, the growth in overall revenue was just at 11% compared to the year-ago month, the company said in a statement post its earnings result. "The trend rapidly deteriorated in April during which more than half of our stores remained closed for operations or operated for extremely restricted hours, it added.
In the financial year 2019-20, the company witnessed a healthy jump of 24% in its revenue stream. Also PAT margins were in line with the estimates.
Our (Like for Like) LFL growth for FY2020 was 10.9 percent. Two reasons for this. One is that stores that are more than 5 years old grew at a rate lower than the previous year's and most of the stores that are younger are peaking faster, even before they qualify for the 24 months LFL measurement, he said.
During the financial year, the company has opened up 38 new retail stores.
On the impact due to the pandemic at the company, the statement said, "The full extent to which the pandemic will impact our future financial results, will depend on upcoming developments, which are highly uncertain including any new information concerning the severity of the pandemic and the action to mitigate its spread as advised by local authorities".
Of late, Avenue Supermarts shares have been over performing some of the names like SBI and Nestle in terms of market capitalization.
Shares in Avenue Supermarts last closed at Rs. 2402.55, down 2.75% or Rs. 67.95 per share on the BSE.