Avenue Supermarts Ltd, which runs the D-Mart retail chain, saw a 17.5% increase in its net profit, reaching Rs 773.8 crore for the first quarter of the financial year 2024-25. During the same period, their revenue increased by 18.6% to Rs 14,069.1 crore, compared to Rs 11,865.4 crore in the same quarter last year.

In the first quarter of the previous year, D-Mart’s net profit was Rs 658.8 crore. Their earnings before interest, taxes, depreciation, and amortization (EBITDA) for April-June 2024 increased by 18% to Rs 1,221.3 crore, up from Rs 1,035.3 crore the year before. However, the company’s profit margin slightly decreased to 8.68% from 8.73% a year ago.

Neville Noronha, Avenue Supermarts’s CEO and managing director, mentioned that their revenue grew by 18.4% this quarter. General merchandise and clothing sales improved, which helped increase their gross margin. They also opened six new stores, bringing the total number of stores to 371 as of June 30, 2024. Operating costs went up as they worked on improving service quality and building capabilities for the future.