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.
IDBI Capital Report
Avenue Supermarts Ltd.'s Q3 FY22 results has been above our estimates. Revenue growth (at 18% two year compound annual growth rate) is healthy. However, we expect this ratio to be 25% plus post normalisation of social distancing norms.
Slow pick up in margin-accretive general merchandise and apparel business (versus staples) is a cause for temporary concern from business economics perspective. D-Mart's store addition rate remain healthy (29 stores year-to-date).
Positive to note that net margins are above pre-Covid-19 levels now. We have upgraded our store addition estimates in FY23E to 33 stores.
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