DMart Q4 profit up 53 pc to Rs 414 crore

Mumbai: Avenue Supermarts Ltd, which owns and operates DMart stores across the country, on Saturday reported 53 increase in consolidated net profit at Rs 414 crore for the January to March 31 quarter against Rs 271 crore in the year-ago period.

Total income rose by 19 per cent to Rs 7,460 crore from Rs 6,291 crore in Q4 FY20. Total revenue in Q4 FY21 totalled Rs 7,412 crore as compared to Rs 6,256 crore in Q4 FY20.

Earnings before interest, tax, depreciation and amortization (EBITDA) stood at Rs 613 crore as compared to Rs 417 crore in the same period.

For the entire fiscal 2021, total revenue stood at Rs 24,143 crore as compared to Rs 24,870 crore in the same period last year. Net profit was down at Rs 1,099 crore in FY21 as compared to Rs 1,301 crore in FY20.

Neville Noronha, CEO and Managing Director, said the company saw a degrowth across key financial parameters of revenue, EBITDA and PAT in FY21 due to COVID-19 pandemic.

The year began amid a strict lockdown post the emergence of COVID-19. The economy gradually opened after May 2020 and the second half of year was progressing towards recovery.

“However, a much stronger second wave of COVID-19 infections hit the country towards the end of FY 21 and has once again resulted in significant disruption to our business as several cities and towns have announced restriction,” he said.

Noronha said he expect more frequent lockdowns across cities and towns. “This trend is likely to continue until a large part of the population is vaccinated, and new infections reduce significantly and remain like that for a long period of time.”

Avenue Supermarts has 234 stores with retail business area of 88 lakh square feet across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.