NEW DELHI: Avenue Supermarts (DMart) on Saturday reported an 87.61 per cent year-on-year (YoY) plunge in consolidated net profit at Rs 40 crore for the June quarter. The Radhakishan Damani-led companies had reported a profit of Rs 323 crore in the same quarter last year.The chain of hypermarkets said its consolidated total revenues fell 33.22 per cent YoY to Rs 3,883 crore in June quarter from Rs 5,815 crore in the year-ago quarter. Profit margin contracted 450 basis points YoY to 1 per cent for the quarter from 5.5 per cent in the corresponding quarter of last year. "Covid-19 continued to spread across the country. The ensuing restrictions have had a significant impact on our operational and financial performance in the quarter. Our revenue, Ebitda and profit for the quarter were significantly lower as compared to the same quarter last year," said CEO & Managing Director Neville Noronha.The company said that wherever stores were allowed to operate unhindered saw recovery at 80 per … [Read more...] about DMart Q1 results: Profit tumbles 88% to Rs 40 crore; margins drop 450 bps to 1%
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