On Saturday, Avenue Supermarts, which owns and operates retail chain DMart, has reported 88% drop in the net profit of the April-June period. Due to Covid-19, the Company’s net profit decreased to Rs 40 crore as compared to Rs 323 crore in the year-ago period.
“Covid-19 continued to spread across the country. The ensuing restrictions have had a significant impact on our operational and financial performance in the quarter. Our revenue, EBIDTA and PAT for the quarter were significantly lower as compared to the same quarter last year,” said Neville Noronha, CEO and Managing Director of Avenue Supermarts Limited, commenting on the financials of the company as its total income fell 32% to Rs 3,933 crore against Rs 5,826 crore in June 2019.
Earnings per share (EPS) for Q1 in the year 2020-21 stood at Rs 0.62, as compared to Rs 5.18 for Q1 in the year 2019-20. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in the April-June quarter in FY21 stood at Rs 112 crore, against Rs 597 crore in the preceding quarter of last year. EBITDA margin stood at 2.9% in the first quarter of FY21 as compared to 10.3% in the same period year ago.
Extension of lockdown till June had a negative impact on sales by the shutdown of the store and then, following social distancing rules inside stores restricted movements of peoples. Being in the essential products business deliveries across the city were available where possible. The company continue to see uncertainty due to the second wave of pandemic and is less anxious as they were before in April 2020.

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