Avenue Supermarts Q1 net profit rises by 48% yoy; to issue Rs 1,000 crore worth bonds
ASL posted net profit of Rs 174.77 crore in Q1, a rise of 47.55% compared to Rs 118.44 crore in the corresponding period of the previous year. On QoQ basis also the company performed good.
- ASL reports net profit of Rs 175 crore in Q1
- Revenue from operations grows by 36% this Q1
- ASL added one more store in Q1
D-Mart's operator Avenue Supermarts Limited (ASL) in its financial result for June 30, 2017 (Q1FY18), reported a whopping 48% rise on year-on-year (YoY) basis.
ASL posted net profit of Rs 174.77 crore in Q1, a rise of 47.55% compared to Rs 118.44 crore in the corresponding period of the previous year.
Q1 net profit also witnessed growth of 80.80% from Rs 96.66 crore of the preceding quarter.
Neville Noronha, CEO & Managing Director, Avenue Supermarts Limited, said, “Results have been in line with our expectations. We have transitioned into the GST regime with minimal migration challenges."
Revenue from operations stood at Rs 3,598.13 crore, growing by 35.65% year-on-year (YoY) and 15.67% quarter-on-quarter (QoQ) basis.
ASL’s Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q1 FY18 stood at Rs 303 Crore, up 29.2% yoy.
While EBITDA margins were at 8.4% in Q1 FY18 as compare to 8.8% in Q1 FY17.
Talking on GST, Noronha said, "While supplies from certain vendors could see a short term disruption, we are optimistic that GST will create excellent opportunities for small and medium businesses to become preferred suppliers to organized retail in the near to long term”.
In its board meeting held on Saturday, ASL stated that board of directors have approved the offer to issue up to Rs 1,000 crore of secured, rated, non-convertible, cumulative, redeemable debentures.
During Q1, the company added one more store in its book.