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Avenue Supermarts (DMart) Q1 FY23 Results

11 July 2022

RK Damani-led Avenue Supermarts Ltd (DMart) posted its Q1 FY23 results on July 9, 2022. The company reported a whopping 490% YoY (Year on Year) jump in its standalone net profit which came in at Rs 680 crore for the quarter under review from Rs 115 crore last year. On a standalone basis, the PAT was up 45.7% QoQ (Quarter on Quarter) to Rs 679 crore from Rs 466 crore in the previous quarter.

The 6-fold increase in the company’s net profit on a YoY basis is mostly due to the slowdown in sales and revenue due to Q1 in FY22 being marred by the second wave of the coronavirus pandemic. The second wave-induced lockdowns reduced the number of people stepping out of their homes, which resulted in fewer sales. That being said, Q1 FY23 was the first full quarter of zero disruption from the Covid-19 pandemic. Moreover, the company said that Q1 and Q3 are the two quarters that are revenue and profit-enhancing quarters due to the back-to-school/college season and the onset of monsoons.

DMart’s revenue from operations was up by nearly 95% YoY to Rs 9,806 crore from Rs 5,031 crore in the year ago period. The revenue from operations was up almost 14% QoQ to Rs 9.806 crore from Rs 8,606 crore in Q4 FY22. However, the company’s income from other sources remained flat on both sequential and YoY basis.

More about D Mart Q1 FY23

The company added 10 stores in Q1 FY23; the total number of stores opened in the last 3 financial years reached the 110 mark.

DMart’s scrip closed in the green at Rs 3,941.70 per share, up 2.36% after the end of the intraday trading session on July 8, 2022, ahead of the company’s first-quarter results for Financial Year 2022-23.

Hits of Dmart Results 2023

  • Total Revenue stood at Rs. 9,807 Crore, YoY growth of nearly 95% from Rs 5,031 crore last year
  • EBITDA of Rs. 1,008 Crore; YoY growth of 355.6% from Rs. 221 crore in the corresponding quarter in the previous financial year
  • EBITDA margin stood at 10.3% in Q1 FY23 as compared to 4.4% in Q1 FY22
  • PAT stood at Rs. 679 Crore; YoY growth of 490.3% from Rs 115 crore in the corresponding quarter last year
  • Total income up 94% YoY to Rs 9,843 crore in the quarter under review from Rs 5,067 crore last year
  • Basic EPS for Q1 FY23 stood at Rs. 10.49, as compared to Rs. 1.78 for Q1 FY22 and Rs. 7.20 in Q4 FY22
  • 10 stores were added in Q1 FY23

Misses of Dmart Q1 Results 2023

  • Income from other sources largely flat on both YoY and sequential basis

What the management says About Avenue Supermart Results

Commenting on the performance of the company Neville Noronha, CEO & Managing Director, Avenue Supermarts, said, “We ended Q1 FY 2023 with growth across all key financial parameters. There has been a very good recovery in overall sales. However, this quarter’s performance is not comparable to the same period last year due to the second wave of Covid-19 during that time. We cumulatively opened 110 stores over the last 3 financial years which never got an opportunity to operate in normal circumstances over the last 2 years. Value growth through positive volume growth of discretionary products in relatively older stores is the best reflection of the strength of the DMart business, competitive impact and the local economy”

Other things to know about D Mart

  • DMart’s P/E ratio is 171.07 times compared to the industry average of 122.11.
  • The company’s P/B ratio is at 20.96 compared to the industry average of 5.68. 

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Research Analyst: Bavadharini KS

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