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    DMART   INE192R01011

AVENUE SUPERMARTS LIMITED

(DMART)
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Avenue Supermarts : India's DMart owner's stock tumbles on valuation worries

10/18/2021 | 04:00am EST

BENGALURU (Reuters) - Shares of India's Avenue Supermarts slipped 8% on Monday after briefly hitting a record high, as investor concerns about valuation eclipsed a surge in quarterly profit.

Avenue Supermarts, which owns and operates D-Mart stores in India, reported a 110% surge in consolidated net profit for the September quarter, as easing COVID-19 restrictions attracted more shoppers and boosted revenue by 47%. The Mumbai-headquartered company added eight stores during the quarter.

Earlier in the session, the stock rose 10.8% to a record high of 5,900 rupees.

However, it gave up gains and was trading 8% lower by 0700 GMT as several brokerages flagged limitations to the stock's upside due to high valuation.

"While we continue to believe Avenue Supermarts is best placed to play the unorganised to organised shift in grocery vertical and believe it has best in industry business model, steep run-up in stock price leave little room for upside and hence we wait for better entry points," PhillipCapital said in a note.

Jefferies, which raised its target price on the stock to 3,700 rupees from 2,300 rupees, also flagged that a sharp rally in share price remains a challenge.

Shares of Avenue Supermarts are up roughly 22% this year, compared with a 13.5% gain in 2020. Of the nine months so far in 2021, it has reported solid gains for six.

The stock trades at a record price-to-earnings ratio of around 165 times forward earnings estimates, according to Refinitiv data as of Thursday's close, making it the ninth most expensive stock in the Indian market.

Around 3.4 million shares changed hands on Monday, compared with 30-day average of around 499,700 shares.

Seven of 28 analysts covering stock have "buy" or "strong buy" rating, 7 have "hold" while 14 rate it at "sell" or "strong sell"; median PT is 3,650 rupees, according to Refinitiv data.

($1 = 75.3000 Indian rupees)

(Reporting by Chandini Monnappa in Bengaluru, additional reporting by Gaurav Dogra; Editing by Krishna Chandra Eluri)


ę Reuters 2021
All news about AVENUE SUPERMARTS LIMITED
10/18AVENUE SUPERMARTS : India's DMart owner's stock tumbles on valuation worries
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10/17AVENUE SUPERMARTS' : Fiscal Q2 Consolidated Net Profit More Than Doubles as COVID-19 Restr..
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10/17Avenue Supermarts' 2Q Net Profit More Than Doubled on Year
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10/04AVENUE SUPERMARTS : Books Higher Revenue in Fiscal Q2
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09/14AVENUE SUPERMARTS : Opens New Store in Faridabad, India
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07/11AVENUE SUPERMARTS : Consolidated Profit Surges in Fiscal Q1
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07/11Avenue Supermarts 1Q Profit Jumps From Low Base
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07/10Avenue Supermarts Limited Reports Earnings Results for the First Quarter Ended June 30,..
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07/05Indian shares rise on lower virus cases, vaccines boost; financials jump
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07/04Avenue Supermarts First-Quarter Revenue Rose 31% on Year
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More news
Financials
Sales 2022 320 B 4 264 M 4 264 M
Net income 2022 16 604 M 221 M 221 M
Net cash 2022 22 320 M 298 M 298 M
P/E ratio 2022 184x
Yield 2022 -
Capitalization 3 057 B 40 728 M 40 755 M
EV / Sales 2022 9,49x
EV / Sales 2023 6,90x
Nbr of Employees 10 175
Free-Float 21,8%
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Mean consensus UNDERPERFORM
Number of Analysts 23
Last Close Price 4 718,75 INR
Average target price 4 259,87 INR
Spread / Average Target -9,72%
EPS Revisions
Managers and Directors
Ignatius Navil Noronha Chief Executive Officer, Executive Director & MD
Ramakant Baheti Group Chief Financial Officer & Executive Director
Niladri Deb Chief Financial Officer
Ramesh Shrichand Damani Chairman
Narayanan Bhaskaran Chief Operating Officer-Retail
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