Avenue Supermarts shares touch 52-week high giving 222% return in four months
Avenue Supermarts, which owns DMart retail chain, posted a 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.
Shares of Avenue Supermarts Ltd touched 52-week high on Monday after the company reported 48% jump in net profits in Q1FY18.
At 1255 hours the shares of the company were trading at Rs 926 per piece, up 1.32% or Rs 12.10 on BSE. The company touched high at Rs 964.25 per piece, which is nearly 5% up from the opening price.
On Saturday, the company had announced its financial result for the quarter ended on June 30. The company which owns DMart retail chain, posted a 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."
During Q1, the company added one more store in its book.
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.
The company which entered the bourses on March 21, has given a return of 222.4%. The issue price set by the company during its initial public offer was Rs 299 per piece. And, today the shares touched Rs 964.25, giving over 222% result in just four months of listing.
Till last year Avenue Supermart was the top performer among the newly listed companies.