Avenue Supermarts shares jump on upbeat fourth quarter revenues

Shares of Avenue Supermarts were trading higher by 3.5% during Thursday afternoon trade after the company announced upbeat revenue figures for the fourth quarter.

The company stated in an exchange filing standalone revenue from operations for the quarter-ended March stood at ₹12,393.46 crore compared to ₹10,337.12 crore in the same period last year, recording a growth of 20% on a year-over-year basis. Avenue Supermarts has been recording a consistent increase in its revenue.

In the quarter-ended March 2022, the company had posted a revenue of ₹8,606.09 crore while in the same quarter of previous fiscal, it recorded a revenue of ₹7,303.13 crore.

For the third quarter, Avenue Supermarts reported standalone revenue from operations at ₹13,247.33 crore, registering a growth of 17% on a year-on-year basis. The company saw its net profit rise by 15% y-o-y to ₹736.82 crore during the quarter.

Interestingly, the stock has gained significantly in recent times. In the last one month itself, Avenue Supermarts shares have recorded a gain of over 20%, which forms a major part of the stock’s gain over the last one year. Avenue Supermarts is currently trading at its 52-week high. Interestingly, the company’s valuation has soared above the ₹3-lakh crore mark following the recent surge in its share price.

An exchange filing by the company states that as on March 31, 2024, the total number of stores stood at 365 in comparison to 324 stores at the end of March 31, 2023.

In another development, the company had earlier announced that Ramesh Damani has completed his second consecutive term as an Independent Director of the Company and has accordingly ceased to be the Chairman and Independent Director of the Company from the close of business hours on March 31, 2024.