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ICICI Securities Report
Avenue Supermarts Ltd.'s Q3 FY21 was a recovery. 10% revenue growth - quarterly store throughput down just 10% YoY.
However, a slowdown in performance in December (due to weak demand and store operation restrictions, in our view) means that complete recovery and return to the historical growth trajectory could still be some time away.
Although cost control measures and mix recovery (in the festival period) led to margin expansion in Q3, there are near-term headwinds (inconsistent supplies in non-FMCG, inflationary input costs).
Over the long-term, we like the soft launch of ecommerce operations in some cities, however, focus continues to be brick and mortar stores and e-commerce ramp up will be a slow process, in our view.
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