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Motilal Oswal Report
Avenue Supermarts Ltd.’s consolidated/standalone revenue grew 20% YoY in Q4 FY24, led by 13% area addition and 6% productivity growth. Improved general merchandise and apparel contribution boosted gross margin, resulting in 22% YoY growth in Ebitda/profit after tax (5% miss).
The gap between revenue/sqft (up 6.2% YoY) and revenue/store (up 7% YoY) continued to shrink, indicating an improvement in the share of large format stores (a positive trend).
Further, healthy cost efficiencies and a recovery in discretionary demand are likely to drive growth.
We have broadly kept our estimates unchanged for FY25E/FY26E. We reiterate our Buy rating on the stock with a target price of Rs 5,310.
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Also Read: DMart Q4 Results Review - Inline, Healthy, Priced-In; Time-Correction Likely: Dolat Capital
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