The DMart retail chain operator Avenue Supermarts posted a standalone revenue of Rs 5,031.75 crore in Q1FY22 as compared to Rs 3,833.23 crore in the corresponding quarter of last fiscal.
Shares of Avenue Supermarts Ltd, parent of the Mumbai-based retailer D-Mart, rallied over two percent in early trade on Monday after the company reported a sharp 31 percent on-year rise in its revenue for the June quarter.
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The company posted a standalone revenue of Rs 5,031.75 crore in Q1FY22 as compared to Rs 3,833.23 crore in the corresponding quarter of last fiscal.
As of June 30, 2021, the total number of stores stood at 238, Avenue Supermarts said in its business update to the exchanges.
Global brokerage firm Macquarie believes quick recovery helped drive the company’s June quarter revenue. It is of the view that inflation should increase the attractiveness of value retailers like DMart.
The brokerage maintained an ‘outperform’ call on the stock with a target price of Rs 3,700 per share. It upgraded FY23/24 EPS by 4%/ 6%. It factors in sales/sq ft moving back to FY19 levels in FY23.
Morgan Stanley said that DMart was one of the best reopening plays in its coverage last year, The store footfall recovered to 96 percent of the previous year’s level by December.
The brokerage believes Avenue Supermarts is now also better positioned in the online delivery platform. It maintained an ‘overweight’ rating with a target price of Rs 3,218 per share.
At 9:45 am, the shares of Avenue Supermarts were trading 1.86 percent higher at Rs 3,375.00 apiece on the BSE.