DMart shares fall 2
时间:2024-06-26 13:26:58 阅读(143)
DMart’s share price tanked 2.3% in trade on Monday mornings as the street factored Avenue Supermarts’ disappointing quarterly earnings. The stock price tumbled to Rs 3,750.05 apiece from Friday’s closing. The hypermarket operator reported a 2.3% rise in its net profit for the first quarter, at Rs 695.36 crore. In the corresponding period last financial year, the net profit stood at Rs 642.89 crore.
DMart’s Q1FY24 revenue from operations rose by 18.2% to reach Rs 11,865.44 crore, surpassing last year’s Rs 10,038.07 crore. The company’s total income during the period totalled Rs 11,904.18 crore, while Q1FY24 expenses stood at Rs 11,006.92 crore, clocking a 19.7% increase on-year.
“1QFY24 result was below consensus expectations, which was not a surprise. Revenue growth of 18% on-year (vs 12% retail area expansion) is un-exciting. Under-recovery in general merchandise and apparel (still below pre-pandemic levels) continues to be a drag on gross margins (decline of 125 bps YoY). We reckon DMart is a platform business and the downside of this underperformance (in apparels) is limited while all other strengths of the company remain intact. HOLD,” said ICICI Securities.
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