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Prabhudas Lilladher Report
Avenue Supermarts Ltd. has corrected by 27% from 52-week high due to concerns on-
slow post covid recovery in sales parameters,
deterioration in sales mix,
effectiveness of DMart to face onslaught of online retail on brick and mortar modern trade and
sustainability of growth and profitability metrics.
We believe that the deterioration in sales parameters is a result of three times increase in stores within emerging clusters and 100% increase in number of stores with less than two years' vintage, which will correct over time.
We remain positive on DMart Ready as it has increased city presence to 22, reduced delivery time to one day with reduction in delivery charges (flat Rs 49 as against 3% earlier).
We believe attractive prices and far better consumer proposition than Big Basket (largest online retailer) will enable DMart Ready to turn Ebitda positive by FY25 and profit after tax positive by FY27.
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