Sun Jan 12 10:03:00 UTC 2025: ## DMart’s Q3 Profit Rises Despite Falling Short of Expectations

**Mumbai, India** – Avenue Supermarts, the parent company of DMart, reported a consolidated net profit of Rs 724 crore (approximately $88 million USD) for the October-December 2023 quarter, a 4.8% increase year-on-year. While revenue surged 17.7% to Rs 15,973 crore (approximately $1.9 billion USD), meeting analyst predictions, the profit figure fell short of the anticipated Rs 832 crore.

EBITDA rose 8.8% to Rs 1,218 crore, but profit margins dipped 60 basis points to 7.6%, lower than the projected 8.2%. CEO and Managing Director Neville Noronha attributed the reduced margin to intensified discounting in the fast-moving consumer goods (FMCG) sector, although he noted the impact was less severe than in the previous quarter. Noronha also announced he will not seek renewal of his contract upon its expiration in January 2026, with Anshul Asawa appointed as CEO Designate, effective March 15th.

DMart’s share price experienced a 3.3% drop on Friday following the announcement, but has still shown a 4.5% increase year-to-date as of January 10th. Market reaction to the quarterly results is expected on Monday.

Read More