India's Avenue Supermarts falls on lower-than-expected Q4 revenue

Avenue Supermarts

06/04/2023 08:05

** Shares of Avenue Supermarts  AVEU.NS  fall as much as
4.06% to 3,506.40 rupees, steepest intraday decline since Jan.
16
    ** Supermarket chain DMart operator posts Q4 standalone
revenue from operations at 103.37 bln rupees, up 20% YoY;
according to business update
    ** Standalone revenue growth below expectations, says
Motilal Oswal, which maintains "neutral"
    ** Attributes moderation in revenue growth to addition of
bigger stores in last couple of years and underperformance
within the non-food segment
    ** Global brokerage Citi reiterates "sell", citing
disappointing average revenue per square feet in Q4
    ** Remain cautious at current valuations due to potential
risks on margins, earnings - Citi
    ** Trading volume is 440,520 shares as of 12:20 p.m. IST,
1.7x the 30-day avg - Refinitiv data
    ** Average rating of 26 analysts at equivalent of 'hold'
with median PT of 3,900 rupees

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))