Avenue Supermarts Reports Strong Q3 Growth Despite Festive Season Challenges


January 13, 2023

New Delhi, India

Strong Q3 Performance Amidst Challenges

In a recent update, Avenue Supermarts, the company behind the popular retail chain D-Mart, has reported a robust financial performance for the third quarter of fiscal year 2023-24. Despite facing challenges in festive season sales and inflation in certain FMCG segments, the company managed to achieve significant growth.

Financial Highlights:

The company’s consolidated net profit for  Q3FY24 stands at Rs 690.41 crore, showcasing a substantial increase of 17.09 percent from the previous year. Consolidated revenue from operations also demonstrated a strong YoY growth of 17.31 percent, reaching Rs 13,572.47 crore.

Earnings and Margins:

Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) witnessed a positive trend, climbing from Rs 965 crore in  Q3FY23 to Rs 1,120 crore in the corresponding quarter of the current fiscal year. The EBITDA margin remained steady at 8.3 percent.

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Store Expansion:

As of December 31, 2023, Avenue Supermarts operated a total of 341 stores, highlighting the company’s ongoing commitment to expanding its retail footprint.

Market Expectations vs. Actuals:

While the financial results exceeded the previous year’s performance, the company fell slightly short of market expectations. Analysts had anticipated a standalone net profit of Rs 740.6 crore and standalone revenue of Rs 13,247 crore in  Q3.

Challenges and Insights:

CEO and Managing Director, Neville Noronha, commented on the challenges faced during the quarter, noting lower-than-expected festive season sales in non-FMCG and significant inflation in agri-staples within the FMCG segment.

Leadership Addition:

A notable development is the appointment of Harishchandra M Bharuka as an independent director. With four decades of industry experience, Bharuka’s addition is expected to bring valuable insights to the company’s leadership.

Stock Performance:

On January 12, Avenue Supermarts’ stock closed at Rs 3,843 apiece on the National Stock Exchange, marking a 0.57 percent increase from the previous day.


Avenue Supermarts continues to demonstrate resilience and growth in the dynamic retail landscape. Despite challenges, the company’s strong financial performance, store expansion, and strategic leadership addition position it for continued success in the market.

Check All Q3 Results 


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