<p>Avenue Supermarts Ltd., which owns and runs the retail chain D-Mart, on Saturday reported a 9.09% decline in its consolidated net profit for the second quarter that ended on September 30 to Rs. 623.35 crore. This was due to lower contributions from the general merchandise and apparel businesses, which had an impact on gross margins.<img decoding=”async” class=”alignnone wp-image-237241″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-d-mart-q2-sales-increased-18-7-to-rs-12624-crore-while-net-profit-decreased-by-9-t-750×422.jpg” alt=”theindiaprint.com d mart q2 sales increased 18 7 to rs 12624 crore while net profit decreased by 9 t” width=”1397″ height=”786″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-d-mart-q2-sales-increased-18-7-to-rs-12624-crore-while-net-profit-decreased-by-9-t-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-d-mart-q2-sales-increased-18-7-to-rs-12624-crore-while-net-profit-decreased-by-9-t-1024×576.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-d-mart-q2-sales-increased-18-7-to-rs-12624-crore-while-net-profit-decreased-by-9-t-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-d-mart-q2-sales-increased-18-7-to-rs-12624-crore-while-net-profit-decreased-by-9-t-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-d-mart-q2-sales-increased-18-7-to-rs-12624-crore-while-net-profit-decreased-by-9-t-150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-d-mart-q2-sales-increased-18-7-to-rs-12624-crore-while-net-profit-decreased-by-9-t.jpg 1040w” sizes=”(max-width: 1397px) 100vw, 1397px” title=”D-Mart Q2 sales increased 18.7% to Rs 12,624 crore, while net profit decreased by 9% to Rs 623.35 crore 15″></p>
<p>According to Avenue Supermarts’ regulatory filing, the business reported a net profit of Rs 685.71 crore for the quarter ending in September last year.</p>
<p>However, compared to the equivalent quarter previous fiscal year, its income from operations increased 18.66% to Rs 12,624.37 crore during the period under review.</p>
<p>Avenue Supermarts’ overall costs increased 18.97% to Rs 11,809.35 crore in Q2/FY24.</p>
<p>Avenue Supermarts’ overall revenue for the September quarter increased 18.61% to Rs 12,661.29 crore.</p>
<p>Avenue Supermarts’ operating revenue for the first six months of current fiscal year was Rs 24,489.81 crore, while its net profit was Rs 1,282.06 crore.</p>
<p>“PAT margin stood at 5.2 percent in H1FY24, as compared to 6.4 percent in H1FY23,” it said.</p>
<p>Neville Noronha, CEO & MD of Avenue Supermarts, stated: “Revenue for Q2 FY2024 increased by 18.5% when compared to the same period last year.</p>
<p>Due to the decreased contribution from the higher margin general merchandise and clothing division, our gross margins are lower than they were at the same time last year.</p>
<p>D-Mart added nine additional locations during the June quarter, bringing its total number of locations to 336.</p>
<p>D-Mart operates in the following states: Madhya Pradesh, Rajasthan, NCR, Chhattisgarh, Punjab, Andhra Pradesh, Gujarat, Daman, Karnataka, Telangana, Tamil Nadu, and Maharashtra.</p>
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