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Shares of Avenue Supermarts Ltd rose as much as 3.15 per cent to a record high of Rs 1,645.15 on strong results.
The company, which operates supermarket chain DMart, had on Monday posted 43.4 per cent surge in June-quarter net profit at Rs 251 crore against Rs 175 crore in the year-ago quarter.
Total revenue for the quarter rose 26.7 per cent YoY to Rs 4,559 crore against Rs 3,598 crore in the same quarter last year. Basic earnings per share stood at Rs 4.02 during the quarter, up from Rs 2.80 in the year-ago quarter.
The company expects the strong momentum to continue, with a robust revenue/EBITDA CAGR (FY18-21) of 25-29 per cent, according to Motilal Oswal Securities.
DMart continues to execute on store expansion as well as growth from old stores, while sustaining margins says Kotak Securities.
More than 850,811 shares changed hands, 1.9 times their 30-day moving average of 449,243 shares. Of 14 brokerages covering the stock, four have “buy” and above, two at “hold” and eight at “sell” or lower; the stock's median price target is Rs 1,330, according to Thomson Reuters Eikon data.
Avenue Supermarts stock had gone up 35 per cent this year, as of last close.
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