Avenue Supermarts Q4 Review - Steady Growth, But Outlook Challenging: Motilal Oswal
Stairs inside a DMart store. (Photo: BloombergQuint).

Avenue Supermarts Q4 Review - Steady Growth, But Outlook Challenging: Motilal Oswal

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.

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.

Click on the attachment to read the full report:

Motilal Oswal Avenue Supermarts Q4FY21 Result Update.pdf


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