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Avenue Supermarts reported a 23.6% rise in consolidated net profit to Rs.553 Cr for Q3 FY22 from Rs.418 Cr in Q3 FY21. Ebitda margins expanded by 30 bps to 9.4% driven by better cost efficiencies. Company added 17 stores in Q3FY22 with a total store count at 263 stores as on Dec-21. The rising covid cases and potential local restrictions may pose a threat from a near-term perspective, as footfalls can take a beating, in turn affecting revenues. Currently, the stock is trading at a rich valuation, enjoying scarcity premium. The progress on Avenue’s online grocery retail business, DMart Ready’s expansion, Risks – Competition from Amazon and Reliance Retail are key things to watch out for Avenue Supermarts.
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