DMart Q1 net profit tumbles 88% to Rs 40 cr due to Covid-19 lockdown

Owner of Avenue Supermarts reported a profit of Rs 323 crore in the same quarter last year

Avenue Supermarts Ltd, which owns and operates DMart stores across the country, on Saturday reported 87.61 per cent year-on-year fall in its consolidated net profit at Rs 40 crore for the April to June quarter.

It had reported a profit of Rs 323 crore in the same quarter last year. The profit after tax margin stood at 1 per cent in Q1 FY21 as compared to 5.5 per cent in Q1 FY20.The chain of hypermarkets said its consolidated total revenues fell to Rs 3,883 crore from Rs 5,815 crore in the year-ago quarter.

"Covid-19 continued to spread across the country. The ensuing