Sun Jan 12 05:52:45 UTC 2025: ## DMart Reports Solid Q3 Growth Despite Margin Squeeze; CEO Announces Departure

**Mumbai, January 12, 2025** – Avenue Supermarts, the parent company of the popular Indian retail chain DMart, reported strong revenue growth in its third quarter (October-December) results, but profit margins were slightly squeezed. Net profit rose 4.79% to ₹723.72 crore, while revenue from operations jumped 17.68% to ₹15,972.55 crore compared to the same period last year. This growth was driven by increased sales despite a rise in expenses (up 18.52% to ₹15,001.64 crore).

EBITDA (earnings before interest, taxes, depreciation, and amortization) increased 8.7% to ₹1,217.3 crore, but the EBITDA margin dipped to 7.6% from 8.3% in the same quarter last year. Similarly, the net profit margin decreased to 4.5% from 5.1%. The company attributed the margin pressure partly to increased discounting in the FMCG sector. Same-store revenue growth for stores operating for two years or more reached 8.3%.

DMart’s home delivery service, DMart Ready, showed significant growth, expanding by 21.5% in the first nine months of the fiscal year. The company noted a stronger preference for home delivery over pick-up points.

The announcement coincided with a major leadership change. CEO and Managing Director Neville Noronha, after a 20-year tenure, will step down in January 2026. Unilever’s Anshul Asawa has been appointed as the CEO Designate and will assume the role in February 2026. Noronha will assist with the transition.

DMart currently operates 387 stores across India, adding 10 new stores during the December quarter. Despite the positive results, shares of Avenue Supermarts closed down 3.34% on Friday at ₹3,685.70. The company boasts a market capitalization of ₹2,39,840.69 crore.

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