By Ben Otto
Avenue Supermarts Ltd.'s first-quarter net profit more than doubled from a low base a year earlier, but declined on-quarter as store hours were restricted during a second wave of Covid-19 cases in India.
The operator of DMart Indian supermarket said Saturday that net profit in the quarter ended June rose to 953.7 million rupees ($12.8 million) from INR400.9 million a year earlier. On-quarter, however, profit fell 77% as worsening pandemic conditions forced restrictions on operating hours.
Revenue from operations rose 33% from a year earlier to INR51.83 billion on higher overall footfall. The Mumbai-company also opened 22 new stores since last year's reporting period.
Avenue Supermart said its supply chain hadn't been signficantly affected by the pandemic in the latest quarter, and that inventory is gradually moving toward normal levels.
It said that its stores require a minimum of 45 days of unhindered operation to return to the level of pre-Covid sales.
Write to Ben Otto at firstname.lastname@example.org
(END) Dow Jones Newswires