(PTI) Avenue Supermarts Ltd, which owns and operates the retail chain D-Mart, on Saturday reported a 6.71 per cent increase in its consolidated net profit to ₹589.64 crore for the third quarter ended on December 31, 2022.
The company had posted a net profit of ₹552.53 crore in the October-December quarter a year ago, said Avenue Supermarts in a BSE filing.
Its revenue from operations was up 25.50 per cent to ₹11,569.05 crore during the quarter under review as against ₹9,217.76 crore in the corresponding quarter of the last fiscal.
Avenue Supermarts' total expenses were at ₹10,788.86 crore, up 27.02 per cent in the third quarter of 2022-23 against ₹8,493.55 crore in the corresponding quarter of the last fiscal.
Commenting on the performance of DMart's brick & mortar business, Avenue Supermarts CEO & Managing Director Neville Noronha said, "FMCG and staples segment continued to outperform the general merchandise and apparel segments. Gross margin percentage decline over the corresponding quarter of last year is a reflection of this mix change."
He also added that discretionary non-FMCG sales did not do as well as expected in this quarter.
During the quarter, Avenue Supermarts expanded the operations of its e-commerce business arm DMart Ready.
"We have further expanded our E-Commerce operations to four new cities while continuing to deepen our presence in the existing 18 cities. Our operations now span across 22 cities in India," he said.
Besides, D-MART is also in the process of commencing a pharmacy shop-in-shop through its subsidiary Reflect Healthcare and Retail Pvt Ltd at one of its stores.
"This is yet another pilot that will complement our brick-and-mortar business using our existing store infrastructure," Noronha said.
As of December 31, 2022, D-Mart is operating 306 stores across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.