BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Report
Avenue Supermarts Ltd. revenue grew 10.1% to Rs 74.3 billion (our estimate Rs 73.3 billion) as footfalls continued to recover from the wrath of Covid-19.
While gross margin expanded to 11/189 basis point YoY/QoQ to 15.1% (our estimate 14.8%), its underpinnings remain weak.
We suspect lower discounting levels in staples (200-400 basis point lower) continue to cushion the adverse margin impact of lower non-essential sales.
Management, too, highlighted that recovery in out-of-home categories remains weak.
Ebitdam expanded 52/256 basis point YoY/QoQ to 9.3%, courtesy strong cost control (our estimate 9%).
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