D-Mart parent Avenue Supermarts hits Rs1,00,000-cr market cap
12 June 2018
D-Mart parent Avenue Supermarts Ltd on Monday hit a market capitalisation of over Rs1,0,000 crore, joining an elite club of companies after its shares rose 1.68 per cent to trade at a record high of Rs1,619.95 on the BSE.
The record price for its shares in morning trade saw the company’s market capitalisation touch Rs100,320 crore. However, the stock erased most of its gains and closed at Rs1,593.80, with a market cap of Rs99,466.59 crore, BSE data showed.
The stock gained 19 per cent in the last three weeks and about 34 per cent so far this year. The script has jumped 433 per cent from its offer price of Rs299 since its debut in March 2017.
For March quarter, the company posted a net profit of Rs167 crore, up 73 per cent from a year ago. Total revenue rose 22.5 per cent from a year ago to Rs3,810 crore.
D’Mart has been a steady performer with high growth and profitability and the current pace is expected to continue with new store additions, change in strategy, e-com, debt reduction and GST gains.
D-mart added 24 stores during the financial tear 2018 which is the highest number of stores additions in a year since 2012. However, the numbers remained lower than management’s target of 30.
The company’s promoter Radhakishan Damani last week sold nearly 6.2 million shares or 1 per cent stake in the company to ensure the firm meets the minimum public shareholding norms for listed firms.
Avenue Supermarts is also included in the MSCI India Domestic and MSCI India Domestic Small Cap Index with effect from 1 June.