BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Avenue Supermarts Ltd. has witnessed sequential revenue recovery (up 37% QoQ) with consistent month-on-month growth in Q2 FY21.
However, numbers are still weak YoY (down 11%) with same store sales de-growth of 12.5%.
Gross margin has improved, but is still down 90 basis point YoY due to lower mix of the margin-accretive discretionary business.
D-Mart added six stores in Q2 FY21 despite the economic headwinds.
We have marginally tweaked our numbers for FY21E/FY22E, factoring in 2%/41% revenue growth and Ebitda growth of -13%/59%, which reflects gradual recovery from Q3 FY21.
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