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Systematix Research Report
Avenue Supermarts Ltd.'s Q2 FY22 revenue grew 47% YoY to Rs 76.5 billion on a weak base (12% decline in Q2 FY21).
Sales recovery was led by higher operational days and normalised store timings due to the easing of the lockdown restrictions.
Same-store-sales growth was 23.7% YoY in September 2021.
Gross margin expanded 25 basis points YoY to 14.3% on a favorable product mix (higher share of apparel and general merchandise). Ebitda margin expanded 253 bps YoY to 8.8% (we estimated 9%).
DMart opened eight new stores during Q2 FY22, taking the total to 246 stores covering an area of 9.4 million square feet.
DMart Ready sales grew ~58% to Rs 1.4 billion; it expanded into Surat and Vadodara.
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