Avenue Supermarts, which operates retail chain Dmart, on Saturday reported a 65.2 per cent year-on-year (y-o-y) growth in net profit to Rs 191.02 in Q2FY18. The growth was driven by higher other incomes and lower finance costs.
Total revenue was up 26.3 per cent y-o-y to Rs 3,508 crore. The company’s interest expenses declined 65.6 per cent y-o-y to Rs 10.93 crore, while other income increased to Rs 21.2 crore in the quarter compared to Rs 8.04 crore in the year-ago period, the company said.
The company’s earnings before interest, taxes, depreciation and amortisation was up 36.5 per cent y-o-y to Rs 318 crore. The operating margin improved to 9.1 per cent in Q2FY18 compared to 8.4 per cent in Q2FY17.
Neville Noronha, CEO and MD, Avenue Supermarts, said: “Results have been in line with expectations. GST transition has been smooth and has settled across Avenue Supermarts and our partner network’s commercial and IT systems. We continue to follow everyday low cost — everyday low price strategy which aims at procuring goods at competitive price delivering value for money.”
Avenue Supermarts, as per PTI, listed on the stock exchanges with a blockbuster listing in March this year, making Radhakishan Damani — the founder of the company and a low-profile investor — a part of India’s richest 20 club.