The operator behind DMart, Avenue Supermarts has revealed a significant growth in its consolidated net profit for the fourth quarter ending March 2024. The company's consolidated net profit rose by 22.3 per cent to reach Rs 563.14 crore compared to Rs 460 crore in the corresponding quarter of the previous year.
In terms of profitability, the profit after tax (PAT) margin for Q4 FY24 increased slightly to 4.4 per cent, from 4.3 per cent in Q4 FY23. Basic Earnings per Share (EPS) for the same period increased to Rs 8.66, compared to Rs 7.10 in Q4 FY23. The company's total revenue from operations also escalated to Rs 12,727 crore in Q4 FY24 from Rs 10,594 crore in the same period last year.
Moreover, DMart witnessed a rise in its earnings before interest, tax, depreciation, and amortization (EBITDA) to Rs 944 crore in Q4 FY24, up from Rs 772 crore in Q4 FY23. The EBITDA margin also improved slightly to 7.4 per cent in Q4 FY24 compared to 7.3 per cent in Q4 FY23.
For the entire fiscal year FY24, the company's total revenue reached Rs 50,789 crore, compared to Rs 42,840 crore in FY23. Similarly, EBITDA for FY24 rose to Rs 4,104 crore from Rs 3,637 crore in FY23, although the EBITDA margin saw a slight decrease from 8.5% in FY23 to 8.1% in FY24. DMart's net profit for FY24 climbed to Rs 2,536 crore from Rs 2,378 crore in FY23.
Neville Noronha, CEO and Managing Director, DMart, notes, the retailer’s grew by 9.9 per cent growth in two-year-old stores during FY24 compared to FY23. With 284 stores aged two years or older, the company expanded its footprint by opening 41 new stores during FY24, bringing the total store count to 365.
In Q4, DMart experienced a notable increase in contributions from general merchandise and apparel, resulting in gross margin improvement compared to the same quarter in the previous fiscal year.
Highlighting the progress of DMart Ready, the company's online business, Noronha states, with its services commencing in a new city, Gurugram this year, the DMart Ready spreads its operations in 23 cities across India.
