Avenue Supermarts Q3 Earnings Recover Almost To Pre-Covid-19 Levels, Says Motilal Oswal
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Motilal Oswal Report
Revenue recovery in Avenue Supermarts Ltd. has been healthy (up 11% YoY, in-line), with a 20 basis point Ebitda margin improvement, possibly due to easing price competition, even as sales of margin accretive apparels and consumer discretionary remain low.
We have marginally revised our Ebitda/profit after-tax estimate upwards by 4%/3% for FY22E, factoring in 69%/30% Ebitda growth for FY21E/FY22E, reflecting the gradual recovery from Q3 FY21.
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