India's Avenue Supermarts hits six-month low on Q3 margins drop

Avenue Supermarts

16/01/2023 04:00

BENGALURU, Jan 16 (Reuters) - Shares of India's Avenue
Supermarts Ltd  AVEU.NS , which operates the D-Mart retail
chain, fell to a six-month low on Monday after the company
reported that quarterly core profit margins shrunk due to weak
demand.
    The company said its earnings before interest, taxes,
depreciation and amortization (EBITDA) margins fell to 8.34% in
the third quarter from 9.39% a year earlier.
    It said the decline mainly reflected a change in product mix
and weaker-than-expected discretionary non-FMCG sales.
    Avenue Supermarts's shares fell as much as 5.13% to 3,665.50
rupees on Monday.
 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio
D'Souza)
 ((bharath.rajeswaran@thomsonreuters.com; +919769003461))