Avenue Supermarts Q4 Review - Steady Growth, But Outlook Challenging: Motilal Oswal
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Motilal Oswal Report
Avenue Supermarts Ltd. posted steady 18% YoY revenue growth, coupled with 160 basis point YoY margin improvement to 8.2%, translating to robust 53% profit after tax growth YoY (in-line).
The Ebitda margin was 80 basis point higher versus pre-Covid-19 levels, highlighting sustainable cost optimization during the pandemic period.
Given the return of Covid-19 led lockdown, we cut our revenue/profit after tax estimates by 17%/21% for FY22, but largely maintain our FY23E estimates, factoring in a 23% revenue/profit after tax compound annual growth rate over FY20–23E.
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