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RK Damani’s company Avenue Supermart has a bumper profit, 113% rises to 448 crores

Avenue Supermarts Ltd, the company of veteran investor Radhakrishna Damani, has made tremendous profits in September. The company’s profit increased by 113.2 percent to Rs 448.40 crore in the quarter. The company’s profit in the September quarter of the last financial year 2020-21 was Rs 210.20 crore. Avenue Supermarts Ltd runs the D Mart retail chain, which has more than 215 stores across the country.

A tremendous increase in the revenue of the company

The company’s standalone revenue also rose 46.6 per cent to Rs 7,649.64 crore for the second quarter ended September 30. It was Rs 5,218.15 crore in the September quarter of the last financial year (2020-210). Avenue Supermarts Ltd’s total income in the second half was Rs 12,681 crore, as against Rs 9,051 crore in the corresponding half of the previous financial year. The company’s Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) also increased to Rs 891 crore in the first half as compared to Rs 434 crore in the corresponding quarter of the previous financial year.

The company got the benefit of ending the lockdown

The company’s EBITDA margin stood at 7.0 per cent in the first half of the current financial year, as compared to 4.8 per cent in the corresponding half of the previous financial year. The company’s total expenses in the second quarter stood at Rs 7,085.58 crore, as against Rs 4991.55 crore in the corresponding quarter of the previous financial year. Neville Noronha, the company’s CEO and Managing Director, said, “During the current quarter, Corona-related lockdown restrictions were relaxed significantly. The revenue of Dmart stores has grown by 46.6% as compared to the corresponding quarter of last financial year.

 

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