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Avenue Supermarts Q4 Results: On DMart's brick-and-mortar business and overall performance, Neville Noronha, CEO and managing director said, “We ended the year with growth across key financial parameters of Revenue, EBITDA and PAT. Two years and older DMart stores grew by 9.9 per cent during FY 2024 as compared to FY 2023." The company said it has 284 stores that are 2 years or older. In the year 2023-24, it has opened 41 new stores taking the total store count to 365.
DMart's total revenue for the quarter ended December 31, 2023 rose to Rs 13,572 crore, as compared to Rs 11,569 crore in the same period last year. Neville Noronha, CEO and managing director, Avenue Supermarts Limited, said, “Contribution from general merchandise and apparel has stabilized and trends are encouraging post-Diwali. This time the festive season sales were lower than expected in Non-FMCG. Within FMCG, agri-staples (ex-edible oil) are going through significantly high inflation."
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."