Jan 03, 2025 03:37 PM IST
However, international brokerages Macquarie and Morgan Stanley maintained a bearish views on the stock
Avenue Supermarts Ltd, which is the operator of DMart, saw its shares going up well over 10% in the morning’s trading session on Friday, January 3, 2025 after it reported a 17.5% surge in revenue.
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The company’s standalone revenue from operations for the third quarter of the financial year 2024-25 was ₹15,565.23 crore, which was higher by 17.5%, compared to ₹13,247 crore in the same period of the previous year.
At 1 pm IST, the company’s shares were up by 406.75 points or 11.24%, trading at ₹4,024.50.
In sharp contrast, the benchmark BSE Sensex was down by a huge 434.70 points or 0.54% at the same time, reaching 79,509.01.
The broader NSE Nifty also fell by 94.95 or 0.39%, reaching 24,093.70.
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However, international brokerages Macquarie and Morgan Stanley maintained a bearish views on the stock, though Morgan Stanley added that the revenue jump was 1% higher than expectations, according to a Moneycontrol report.
Its same store sales growth (SSSG) was also around 5.5%, compared to the 4% estimate.
Macquarie’s main concern was competition from quick commerce.
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In the second quarter of 2024-25, the retail major’s net profit rose 5.8% year-over-year, reaching ₹659.6 crore, compared to ₹623.6 crore in the same period last year.
For the quarter, Avenue Supermarts revenue rose by 14.4 percent YoY to ₹14,444.5 crore, up from ₹12,624.4 crore year-on-year.
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