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Dolat Capital Report
Avenue Supermarts Ltd. reported a healthy recovery with revenue/Ebitda/ adjusted profit after tax growth of 10.1/16.6/19.3% YoY. 11/52 basis points gross/Ebitda margin expansion YoY is enticing despite estimated inferior mix.
Meagre one store addition (lowest in 14 quarters) was key negative. DMart’s increased focus on online (Dmart ready) is positive.
Inevitable strategic shift by the company towards online is positive in our view given the pace of e-commerce growth.
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