BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Avenue Supermarts Ltd.'s Q3 FY22 revenue was tad lower than initial expectation with mid single digit same store sales de-growth. But highest ever store additions at 17 for Q3 since listing in 2017 was positive. It implies confidence on future outlook of brick and mortar format and their growth outlook.
D-Mart's business fundamental remains robust. However, rich-valuation at 170/104/80 times FY22/23/24E standalone earnings per share leaves limited room to err. Lower than expected store expansion, cannibalisation, shift in organised market to online with D-Mart's slow transition are key risks to an otherwise strong business trajectory in a large addressable market.
Uncertainty due to third wave of Covid-19 remains a key headwind in the near term.
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