Avenue Supermarts Ltd. estimated a 17.2% increase in revenue in the third quarter of fiscal 2024. The pace of growth was stagnant amid an industrywide commentary of a persistent slowdown in the discretionary category.
Standalone revenue for the operator of the DMart retail chain during October to December is forecast to increase to Rs 13,247.33 crore over the year earlier, according to its quarterly business update released on the bourses on Tuesday.
Sequentially, it is expected to rise 7.6% from Rs 12,308 crore.
Compared to pre-Covid levels or Q3 FY20, the revenue of the company nearly doubled during the festive quarter.
DMart added five stores in Q3 FY24, taking its total store count to 341.
Shares of the Radhakishan Damani-founded company, which was once a solid wealth creator, have grown just 0.74% over the past 12 months. In comparison, the benchmark Nifty 50 has gained 18.8% during the period.
Avenue Supermarts closed 0.65% higher on Tuesday, as compared with a 0.35% decline in the Nifty 50. The business update was released after market hours.
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