RBI Issues Circular On Levying Unfair Interest Charges On Customers

The retail-chain operator said its standalone revenue from operations in Q4 March 2021 stood at Rs 7,303.13 crore compared with Rs 6,193.53 crore in the same period last year, recording a growth of 17

As of 31 March 2021, the total number of stores stood at 234. During FY 2020-21, Avenue Supermarts opened 22 new stores and converted 2 stores into fulfilment centres for Avenue E-commerce.

The company added that its two years and older stores growth for the months of January-February 2021 was 6% as compared to same period last year. These stores saw a negative growth of 9.4% for the first 15 days of March 2021 as compared to first 15 days of March 2020. This is primarily due to full or partial lockdowns implemented from the start of March 2021 across cities due to increase in COVID-19 cases. The second fortnight of March 2021 shows significant growth as compared to same period last year. This is because of a lower base in the same period last year as lockdown measures in some form began from 16 March 2020 and within days culminated into a full-scale countrywide lockdown.

Due to increased COVID-19 cases since March 2021 several restrictions have been put in place in certain cities and towns where we operate. The number of cities and stricter enforcements keep growing every day. Enforcements vary from restricted hours of operation, to store closures on certain days of the week, to abrupt shutdowns for a continuous week or more. Several stores have been restricted to sell non-essential products on certain days of the week or for continuous period of at least up to the end of April 2021. The company said its business will continue to be dependent on how the pandemic trends further and the consequent restrictions for operating the stores.

Shares of Avenue Supermarts gained 0.30% to Rs 2,857 on BSE.

Avenue Supermarts’ consolidated net profit surged 16.4% to Rs 446.95 crore on a 10.8% rise in net sales to Rs 7,542 crore in Q3 December 2020 over Q3 December 2019.

Avenue Supermarts owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof.

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