asksandipsabharwal.com. DMart could be included in Nifty. Despite a steady revenue recovery, their margins have disappointed. What did you make of the earnings? Yes, earnings are obviously disappointing. They are significantly below most analysts’ expectations and that has been a key feature of Avenue Supermart results over the last many quarters. They have surprised on the upside only in one or two quarters. In my view, there is no case for Avenue Supermarts to come into the Nifty given their overall profit. Market cap should not be the only criteria; profit should also be the criteria because at various points of time, PEs could expand beyond reasonable range and then stock could come down and stock trading at a 150 PE looks expensive.