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D-Mart operator Avenue Supermarts reports 38% YoY fall in Q2 profit but grows 5-fold QoQ

Avenue Supermarts, the operator of D-Mart’s hypermarket retail chain, reported a 38.5% year-on-year decline in consolidated profit for the quarter ended September 2020, but in a row, profits have increased fivefold due to easing closure restrictions. The company’s revenue in the quarter also decreased by 11.4%, reaching 5,306.2 million crores from the September quarter of 2019, but the successive growth was 36.6%. Sales of all stores in September 2020 exceeded sales of FMCG and goods in September 2019, while overall sales of goods and clothing were lower during the same period, ”said Neville Noronha, CEO.

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