Brokerages are impressed by the pickup in Avenue Supermarts store additions, and improvement in general merchandise and apparel into its mix. While JPMorgan upgraded the stock, Nuvama raised its target price.
Avenue Supermarts on Saturday reported a consolidated net profit of Rs 623.35 crore for the quarter ended September 30, 2023, which was down by over 9% from Rs 685.71 crore reported by the company in the corresponding period of the previous financial year. The company which operates DMart reported a consolidated revenue from operations at Rs 12,624 crore which was up by 18.66% from Rs 10,638.33 reported by the company in Q2FY23.
DMart: Kotak said the year-on-year revenue growth of 18.5 per cent was modestly better than 18.1 per cent YoY posted in the June quarter and provides comfort to its 20 per cent YoY FY24 growth projection.
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