Avenue Supermarts Ltd, the parent firm of the retail chain D-Mart, on Saturday posted a jump of 132 percent year-on-year in the standalone net profit at Rs 115 crore for the quarter ended June 30. The net profit was Rs 50 crore in the corresponding quarter last year.

The total revenue for Q1 FY22 was up 31.3 percent at Rs. 5,032 crore, as compared to Rs. 3,833 crore in the same period last year, D-mart said.

The grocery retailer’s earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter stood at Rs 221 crore, as against Rs 109 crore in the corresponding quarter in the previous year. EBITDA margin stood at 4.4 percent in Q1 FY22 as compared to 2.8 percent in Q1 FY 21.

While the profit after tax (PAT) margin was at 2.3 percent in Q1 FY22 as compared to 1.3 percent in Q1 FY21, the basic earnings per share (EPS) for Q1 FY22 increased to Rs 1.78, as compared to Rs. 0.77 for Q1 FY21, the company said.

The Chief Executive Officer and Managing Director of Avenue Supermarts Limited, Neville Noronha, said, “Q1 FY 2021-22 saw a much stronger second wave of COVID-19 restrictions. We lost significantly more days or had higher restriction on number of hours of store operations compared to the same period last year.”

According to Noronha, lockdowns at different times in different regions during the quarter led to the 31 percent growth in revenue. “Despite lesser hours of operations this time, we had more customer footfalls than in the same period last year and this has translated into higher sales. One of the key reasons for this is that even though restrictions on operations were more severe, personal mobility was relatively less stringent than last time,” he said.

He added that they opened 22 new stores post Q1 FY 2020-21.

Avenue Supermarts said that they did not see any significant impact on the supply chain during the quarter. “Our inventory is also gradually moving towards normal levels. Construction activity has also commenced at all our sites,” he added.

(Edited by : Anshul)