Avenue Supermarts dips 6% post Q1 nos; Analysts cut target price up to 34%

The quarter, which was nearly washed-out due to the nationwide lockdown imposed to stem the spread of coronavirus, saw the company's profit after tax margin sliding to 1%, compared to 5.5% in Q1FY20

Shares of Avenue Supermarts tumbled 6 per cent to Rs 2,182, in an otherwise firm market, on the BSE on Monday after the firm's consolidated net profit for the June quarter declined 87.61 per cent to Rs 40 crore compared to a profit of Rs 323 crore in the same quarter last year.

The quarter, which was nearly washed-out due to the nationwide lockdown imposed to stem the spread of coronavirus, saw the company's profit after tax margin sliding to 1 per cent as compared to 5.5 per cent in Q1FY20.

Avenue Supermarts Ltd, which owns and operates DMart stores across the