Mumbai-based Avenue Supermarts, which runs the Dmart chain of retail stores reported a 22 percent rise in consolidated net profit to Rs 563 crore ($67.5 million) for the fourth quarter ended March 31, as against Rs 460 crore in the year-ago quarter.
The company’s revenue for the quarter rose by 20 percent to Rs 12,727 crore, as against Rs 10,594 crore in the corresponding quarter of the previous financial year.
For the full financial year 2024, the company’s revenue stood at Rs 50,789 crore with a net profit of Rs 2,536 crore.
Commenting on the results, Neville Noronha, CEO managing director of Avenue Supermarts in a statement said, “We ended the year with growth across key financial parameters of revenue and net profit. The fourth quarter of financial year 2024 saw continued uptick in the contribution from general merchandise and apparel. Our gross margin improvement reflects this mix improvement.”
“Our e-commerce business commenced operations in the city of Gurugram during the year while continuing to deepen its presence in existing cities. We are now present across 23 cities in India,” he added.
During the financial year 2024, the company opened 41 new stores to take its total store count to 365 across India.
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