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Motilal Oswal Report
Avenue Supermarts Ltd. has witnessed sequential revenue recovery (up 37% QoQ) with consistent month-on-month growth in Q2 FY21.
However, numbers are still weak YoY (down 11%) with same store sales de-growth of 12.5%.
Gross margin has improved, but is still down 90 basis point YoY due to lower mix of the margin-accretive discretionary business.
D-Mart added six stores in Q2 FY21 despite the economic headwinds.
We have marginally tweaked our numbers for FY21E/FY22E, factoring in 2%/41% revenue growth and Ebitda growth of -13%/59%, which reflects gradual recovery from Q3 FY21.
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