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ICICI Securities Report
Avenue Supermarts Ltd.’s Q2 revenue performance was good despite restrictions (only limited though).
Gross margins recovered well (194 basis points QoQ and 25 bps YoY); we believe further recovery in general merchandising will likely benefit gross margins. Ebitda margin expansion was led by operating leverage.
In FY22 and beyond, we believe it could benefit from-
the (consumer) relevance of for money positioning, which, in our view, may potentially be a stronger competitive advantage and
price-led operating leverage (beneficiary of inflation).
Capex recovery and DMart Ready’s gradual expansion are also encouraging.
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