D-Mart Parent Avenue Supermarts’ Stock Declines Over 9% as Earnings Fail to Impress Investors
On the BSE, it depreciated by 9.37 per cent to Rs 4,143.60 per piece. (Representative image)
The stock of the Mumbai-headquartered firm plunged 9.46 per cent to Rs 4,139.95 apiece on the National Stock Exchange (NSE).
Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, declined over 9 per cent in the morning trade on the bourses on Monday after the company’s September quarter earnings failed to cheer investors.
The stock of the Mumbai-headquartered firm plunged 9.46 per cent to Rs 4,139.95 apiece on the National Stock Exchange (NSE).
On the BSE, it depreciated by 9.37 per cent to Rs 4,143.60 per piece.
The company’s market capitalisation (mcap) fell by Rs 27,900.18 crore to Rs 2,69,637.75 crore on the BSE.
Meanwhile, the 30-share BSE Sensex jumped 443.71 points or 0.55 per cent to 81,825.07 in early trade, while the NSE Nifty increased 131.85 points or 0.53 per cent to 25,096.10.
In a regulatory filing on Saturday, Avenue Supermarts reported a 5.78 per cent increase in its consolidated net profit at Rs 659.44 crore for the second quarter ended September 2024.
The company had posted a net profit of Rs 623.35 crore a year ago, the company said.
Its revenue from operations rose 14.41 per cent to Rs 14,444.50 crore during the quarter under review. It was Rs 12,624.37 crore in the corresponding quarter of the last fiscal.
Avenue Supermarts’ total expenses in the September quarter increased 14.94 per cent to Rs 13,574.83 crore.
The total income, which includes other income, surged 14.34 per cent to Rs 14,478.02 crore, it added.
Promoted by Radhakishan Damani and his family, DMart retails basic home and personal products across markets, including Maharashtra, Gujarat, Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, Madhya Pradesh, Rajasthan, Punjab, NCR, Chhattisgarh and Daman.
Quarterly Results Today
The following companies are scheduled to release their quarterly earnings on October 14:
Reliance Industries, HCL Technologies, Angel One, Sterling and Wilson Renewable Energy, Alok Industries, Gopal Snacks, Ceenik Exports, Dr. Lalchandani Labs, International Travel House, Nutraplus India, Oriental Hotels, Premier Polyfilm, Rajoo Engineers, and Rita Finance and Leasing.
(With PTI inputs)
