Avenue Supermarts Q4 consolidated net rises by 41.61 pc
Business

Avenue Supermarts Q4 consolidated net rises by 41.61 pc

Agency News

Mumbai, May 23 : Avenue Supermart has reported a rise of 41.61 pc in its net profit for the quarter ended March 31,2020 at Rs.271.28 as against net profit of Rs.191.57 crores for the quarter ended March 31, 2019. Total income for the quarter under review grew by 23.96 pc to Rs.6290.78 crores as compared with Rs.5074.89 crores for the quarter ended March 31, 2019 For the financial year ended March 31,2020 company has posted net profit of Rs.1300.98 crores as against net profit of Rs.902.46 crores for the financial year ended March 31, 2019. Total income for the financial year ended March 31,2020 to Rs.24930.19 crores as compared with Rs.20052.87 crores for the financial year period March 31, 2019. Commenting on the performance of the company Mr. Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited, said: Overall, FY 2020 saw a healthy 24 pc revenue growth while PAT margins were in line with expectations. Our LFL growth for FY2020 was 10.9 pc Two reasons for this.

One is that stores that are more than 5 years old grew at a rate lower than the previous year and most of the stores that are younger are peaking faster, even before they qualify for the 24 months LFL measurement. We opened a record 38 new stores, 6-8 of those stores should have actually opened last year. We also completed a successful equity fund raise to make our balance sheet stronger, resilient and also help augment our future growth. (UNI)

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