However, DMart's consolidated net profit declined 9% to Rs 623.35 crore in Q2 FY24, as compared to Rs 685.71 crore in the corresponding quarter of last year. Neville Noronha, CEO and MD of Avenue Supermarts said, “Q2 FY 2024 saw revenue growth of 18.5% as compared to the corresponding quarter of last year. Our gross margins continue to be lower compared to the same period in the previous year due to lesser contribution from the higher margin General Merchandise and Apparel business."
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