Avenue Supermarts, which runs the DMart hypermarket chain, reported a 22.5 per cent rise in consolidated net profit in Q4 of FY24, on revenue that rose a fifth driven by mostly food, while, general merchandise and apparel saw a marginal uptick.
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The retailer reported net profit of ₹563.3 crore on revenue of ₹12,726.6 crore.
For the full year, net profit rose 6.6 per cent to ₹2,536 crore and revenue was up 18.6 per cent at ₹42,840 crore.
In the quarter, EBITDA rose to a healthy ₹944 crore, compared to ₹772 crore a year ago, while, the EBITDA margin was almost flat at 7.4 per cent.
During the year sales in DMart stores that were two years or older, rose 9.9 per cent compared to 24.2 per cent a year ago. The food and grocery retailer opened 41 stores in the year, ending with a total store count of 365.
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Food continued to be the major revenue contributor in the year, increasing its share by nearly 100 bps close to 57 per cent. The share of FMCG, general merchandise and apparel were flat, with downward bias, discretionary spends still continuing to be a drag on retailers.
FMCG items contributed 20.68 per cent to revenue and 22.37 per cent came from general merchandise and apparel.
The company continued with its cluster-based expansion strategy, while, it has been gradually expanding in the large towns. Most of its stores are located in the western and southern parts of the country.
It ended the year with over 15 million square feet of retail space. The revenue per square feet increased 6 per cent to ₹32,941 in FY24, going back to pre-pandemic levels.