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HDFC Securities Institutional Equities
Avenue Supermarts Ltd.'s unit economics, while catching up, remains below pre-pandemic levels. Q1 print was broadly in line. Revenue grew 19.3% compound annual growth rate to Rs 98 billion in Q1 (up 95% YoY).
The revenue make-up continues to improve (normalising general merchandise and apparel sales). However, the category sales remain below pre-pandemic levels.
DMart's Ebitdam clocked a healthy 10.3% (at Q1 FY19 levels; our estimate: 9.9%), led by smartly managed product margins and marginally lower-than expected cost of retailing.
Accounting for higher average order s, we suspect bill cuts/store remain lower than Q1 FY19 levels.
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