ABSTRACT

The objective of this paper is to discuss and present the case of DMart retail chain and provide
insights about their success in India. The Indian retail industry is emerging as one of the most
dynamic and growing industries due to the market size and economic power. DMart is
increasingly profitable retail supermarket chain in India that aims to offer customers a
wide range of basic home and personal products under one roof with an objective to
offer good products at great prices. Customers prefer DMart for better value for money
and masses of discounts than their competitors. Their target customers are middle-income
groups and families who are aspiring to meet most regular consumer needs. D-Mart is termed as
Indian Wal-Mart and this accomplishment is largely due to their business philosophy, long-
term vision, pricing strategy, cautious focus, regimented model, ACT formula, innovative
planning and product categories. D-Mart’s financial and market success is due to three
major pillars, they are customers, vendors and employees. The Financial Reports are taken
from authenticated sources.

Page 5 of 46
 INDEX

Sr. No Particular Page

1. Chapter1: Introduction of the Topic
1.1 Introduction of D-Mart 9
1.2 Brief History 9-10
1.3 Reach Of D-Mart 10-11
1.4 Business Model of D-Mart 11-13
1.5 SWOT Analysis 14-15

2. Charter2: Review of Literature

2.1 International Review 17
2.2 National Review 18-19

3. Chapter3: Research Methodology

3.1 Objective of the study 21
3.2 Research Design 21
3.3 Scope of the study 22
3.4 Ratio Analysis 22-23

Page 6 of 46
 3.5 Limitations of the study 24

4. Chapter 4: Data Representation and Analysis

4.1 Data Representation and Interpretation 25
4.2 Secondary Data Analysis 25-36

5. Chapter 5 : Results and Conclusion

5.1 Findings 38
5.2Conclusion 38-39
References 40
ANNEXURE
Balance sheet 41-43
Profit and Loss a/c 43-45

Page 7 of 46
Chapter: 1
Introduction

1.1 Introduction of D-Mart

1.2 Brief History

Page 8 of 46
 1.3 1.3 Reach Of D-Mart
1.4 Business Model of D-Mart
1.5 SWOT Analysis

Chapter: 1 Introduction of the Topic

1.1Introduction of D-Mart:-
D-mart is one among India’s biggest Supermarket chain network. D-mart is operated by Avenue
Supermarts Ltd. Headquarter of D-mart is situated in Mumbai Maharashtra. Currently, D-mart is
India most profitable Supermarket network. D-mart has 188 stores across India within the states
of Maharashtra, Andhra Pradesh , Telangana, Gujarat, Madhya Pradesh, Chhattisgarh, Rajasthan,
capital Region, Tamil Nadu , Karnataka, Uttar Pradesh , and Punjab.

• founding father of D-mart

D-mart is founded by RadhakishanDamani within the year 2002.

• When D-mart Founded

D-mart was founded on 15 May 2002 in Powai, Mumbai, Maharashtra.

1.2Brief History of ‘DMART’

‘D-Mart’ may be a supermarket chain across India owned by ‘Avenue Supermarkets.’ None
aside from ‘RadhakishanDamani,’ one among India’s famous value investors founded the
corporate within the year 2000. Mr. Damani’s journey from a successful value investor to the
founding father of DMart has been a thought .

DMart started its journey from 2 stores within the state of Maharashtra and has 176 stores across
12 states in India by FY20. ‘Avenue Supermarts,’ the owner company of DMart supermarkets,
was a privately held company till 2016.

Page 9 of 46
In the year 2017, the company came up with an IPO of Rs.1,870 Cr., which was opened with a
bang. The company’s shares were listed at almost a 114% premium, which reflects the positive
sentiment for the company among the investors. The corporate got listed at the worth of Rs. 632
and thus the CMP (Current Market Price) stand at Rs. 2544, implying that the shares of the
company have given a compounded growth of almost 60% over three years.

RK Damani being an investor himself alright understands the market and its players, which
provides him another advantage for running the company in parallel with maintaining a positive
and healthy sentiment among the investors towards the corporate , like maintaining a healthy
ROE (Return on Equity), adopting a strategically strong business model, etc. In FY20, the
company features a market capitalization of Rs. 1.5 Lakh Cr.

1.3 OUR REACH

We are present in India across 11 States and 1 Union Territory

Maharashtra Amravati, Aurangabad, Ichalkaranji, Jaisingpur, Jalgaon, Jalna,

Karad, Kolhapur, Latur, Miraj, Mumbai, Nagpur, Nanded, Navi
Mumbai, Osmanabad, Pune, Ratnagiri, Sangli, Satara, Solapur,
Thane
Gujrat Ahmedabad, Anand, Baroda, Bhuj, Gandhinagar, Gandhidham,
Mehsana, Nadiad, Rajkot, Surat, Valsad, Vapi
Daman Daman
Telangana Hyderabad, Karimnagar, Khammam, Warangal
Andhra Pradesh Eluru, Guntur, Kakinada, Kurnool, Nellore, Ongole,
Rajamundhary, Tirupati, Tuni, Vijayawada, Visakhapatnam

Karnataka Bengaluru, Belgaum

Page 10 of 46
Madhya Pradesh Bhopal, Dewas, Indore, Ratlam, Ujjain
Chhattisgarh Bhilai, Raipur
NCR Ghaziabad
Tamil Nadu Chennai, Coimbatore, Salem, Trichy
Punjab Amritsar, Jalandhar, Zirakpur
Rajasthan Ajmer, Bhilwara, Jaipur

1.4Characteristics of DMart's Business Model

Product-Mix
The company comprises everyday use products for its customers, which are categorized as
Foods, Non-foods and General Merchandise & Apparel. The chain operates on a B2C
(Business to Consumer) model, where goods are directly sold from the manufacturer to the
end-user.
The demand for these goods is on-going as they suits the essential day-to-day needs, thereby
creating a requirement throughout the year. This eliminates the danger of high demand
fluctuations and provide consistently to the business.

SlottingFees
It is a payment that's made by the manufacturer of products to the superstore to stay its
products on the shelf purchasable . Also called an entry fee for the products, which are held
within the supermarket. Being a supermarket chain DMart also charges a 'Slotting Fee.'
The store attracts high volumes of consumers , making it a beautiful and opportunistic place
for the manufacturers to stay their products. This attracts more and more manufacturers
willing to place their products within the store.

Page 11 of 46
A slotting fee indirectly reduces the product's purchasing price for the retailer, thereby
allowing it to supply the products at discounted prices, i.e., but the MRP (Maximum Retail
Price), hence attracting large buyers.
Own Property
Most of the property of the Dmart is owned by themselves. They ignore the rental system. If
they combat rent then at that they are going for future lease like 30 years approximately on.
Owned property give profit and advantage in future basis.
D-mart mostly opens stores in outskirts of the town area. Like in Mumbai, stores are
available in Andheri, Borivali, Malad, Kandivali, Bhayandar, Mira Road, Virar, Vasai,
Thane, Kalyan, and Dombivali also . In Pune, D-mart is documented and has many stores if
i'm not wrong there are quite 6 stores just in Pune and therefore the surrounding region.

Small to big
RadhakishanDamani started small and expanded slowly. Starting on a coffee scale gave
favour to Damani i.e. identify the issues and rectify it. in any case the issues and plans
Dmart start expanding. Dmart started earning take advantage of its initial stage.
Avoid credit
Credit and delayed payments within the retail business are risky because they will badly
impact your supplies and costs. Damani keeps faraway from credit and pays before his
suppliers expect.
Quality
Dmart specialise in the standard of all the products and also they specialise in the
affordability. the rationale why they begin growing is quality only. The non branded
products which generally doesn’t have quality are being purchased by Dmart then quality is
assured and sold in Malls in affordable rates.
Reduce Expenses
A low-cost business model with high profits is one among the foremost attractive and
successful sorts of running a business. As simple, it seems like it's not that easy to realize .
However, DMart has successfully achieved it. How? DMart operates on a low-interior-cost
concept where it's tried to scale back the operational expenses for the corporate . These low
operating expenses are a result of- efficient space utilization by putting more products in

Page 12 of 46
less space thereby creating space for more products; less number of billing
counters reduces the need of more workforce and systems thereby reducing employee cost;
a really basic and low-maintenance interior of the shop , are a number of the ways through
which DMart has controlled its expenses

The Low price Product

The credit cycle of DMart, i.e., the time within which it returns the payment to the makers for the
products purchased from them is sort of but different retail operators. This enables the corporate
to avail huge money discounts from the makers, thereby cutting the acquisition worth of the
products.
Volume Sales
Being a cheap retail merchant offers a foothold to DMart. Low worth ends up in the high sound
within the store resulting in high sales volume, thereby attracting a lot of and a lot of makers to
stay their merchandise in DMart. This is often a cycle created by DMart, that keeps the loop in
progress. Further, thanks to high volume sales, makers conjointly extend a volume discount,
reducing the getting worth. This supports the cheap business model and makes it stronger.
Regional product
India being varied country has various regional specific product. DMart grabbed this chance by
stocking its stores with area-specific merchandise. Individuals across totally
{different|completely different} states have distinctive lifestyles habits and thence result in
slightly different consumption habits.
DMart pooled the favored native brands of a selected region in the one place, creating it a lot of
convenient for the consumers to avoid progressing to the native Kirana retailers. This
helps DMart to chop the competition from general Kirana stores gaining a lot of market share.
Self-Owned Stores
The Company operates on self-owned stores, that permits it to be an occasional or no debt
company creating it stronger financially. Further, no rental value helps in high positive money
flows, that square measure used for gap a lot of stores. Though the enlargement and growth in
self-owned stores square measure slow, it's its own blessings. Of all the prevailing stores so far,
nearly eightieth square measure self-owned.
Target Audience

Page 13 of 46
DMart’s target customers square measure low-income teams World Health Organization square
measure trying to find cheap product. So by providing wonderful quality and branded
merchandise at a lower value, D-mart attracts a lot of in depth client base than different retailers.
Eliminates Middlemen
Operating on a B2C model eliminates intermediaries and thence the supplementary value to the
product's worth. This additional helps the corporate to sell product at a lower cost.

1.5 SWOT Analysis Of DMART

STRENGTHS
Focus on long-term:- Damani is an investor and thus the company has been focused entirely on
long term gains. This has made the company maximise his return through a value is driven
pricing strategy.

Discount policy:-One factor that delineates DMART from competitors is it’s huge discount
policy. The retailer sells goods at flat discount which competitors cannot match and it helps them
to penetrate the market.

Slow scaling up:- DMART started off on a very low-key note and slowly took it’s time to ladder
up. This helps company to deeper understandingof its supply chain.

Clear price-based differentiate:--DMART captured the market through a clear-priced based

differentiate and set the price significantly lower than the competitors.

WEAKNESS
Focus on certain places: Quite unlike their competitors, who are present everywhere, DMart has
focused more on the Western States and has a very low presence in the South. This has restricted
them from gaining market prominence

Page 14 of 46
Slow growth

D Mart has established almost 16 years ago much before the retail boom set afire in India. Howe
ver, it has not been able to capture the market even as much as many ofthe later entrants primaril
y because of its long-term focus.

Sustainability of low pricing: The company has a zero-

credit policy and thus vendors andsuppliers give them a much better price which is how the com
pany is able to afford the low prices that the competitors cannot imagine.

OPPORTUNITIES
Technology: Technology has a lot to offer to retailers in terms of in-
store experiences andretailer can use IoT, artificial intelligence etc to create value-
adding services to theircustomers for which a premium can be charged.

Personalization of services:

Customers are looking for personalized services for which theyare willing to pay extra. Retailers
should capitalize on this propensity to pay more andincrease the quality of their services.

THREATS
Online retailers: People in cities especially are highly lethargic about leaving their homesand pr
efer to shop online today. Companies like Amazon and Flipkart thus become majorthreats to mos
t retailers.

Online Start-ups:The hottest trend in India is online start-

ups. Many of them areaggregators who bring together the supplier and the customer cost-
effectively.

Page 15 of 46
 Chapter 2
Review of Literature

Contents
2.1 International Review
2.2 National Review

Page 16 of 46
 Chapter2. REVIEW OF LITERATURE

2.1 International Review:-

1. Feinberg, Sheffler, Meoli and Rummel (1989) considered the social stimulation provided
by malls, finding that the mall served as an outlet for social behaviour.

2. Kotler and Armstrong (2012) define retailing as all the activities for selling goods or
services on to ultimate buyers for his or her personal, non-business use.

3. Jackson (1996) in his study observed that malls become the place where senior citizens
enters comfort and security, where parents lead their young to Santa Clauses, where
singles court, where teenagers socialize and where everybody consumes. Indeed a
replacement term, “Mall Rats” has been coined to explain the legions of young people
who spend their free time cruising indoor corridors.

4. Roy (1994) in his study considered several characteristics of shoppers – like Functional
shopping motivation, deal proneness, recreational shopping ,Age, income and family
size, to be a big influence on mall shopping Frequency.

Page 17 of 46
 5. Hamilton Ryan (2009) in their research paper majorly focused on the important decision
that retailers always involves in selecting the number of items constituting
theirassortments. A key issue in making these decisions is the role of assortment size
indetermining consumers choice of a retailer. The authors address this issue by
investigating howconsumer choice among retailers offering various-sizedassortments is
influenced by the attractiveness of the options constituting these assortment.

2.2 National Review:-

1. The author vidyanshchandra has published analysis article as a study on the CRM ways
of d-mart on 5 may 2020. In this line with author d-mart has gained a profit of 56.10
crores for the year ending 31 march 2019 . This clarify that they are aware of the way to
have a decent relations along with his customers d-mart has truely understood the essence
of crm and what power it holds.

2. krishnaveni 2006 known that the foremost necessary paradigm that is related to
promotion of loyalty among shoppers is that the attribute of quality gift generation invest
a lot of on the essential factors like books clothes food music and gadgets like mobile
phone.

3. Dwivedi 2010 explained that as compared to major cities in asian country the smaller
cities appear to be a far better place for investment this can be as a result of these cities
have low priced lands low useful and operational expenses and larger variety of
accessible lands . He has explained that there has been a transition in the style and getting
priorities of the shoppers from tier ii and iii cities within the past 10 year. He additionally
bestowed the views of Ernst and young that illustrated that there was twenty six
percentage of growth in mall of the metropolitan cities whereas malls in tier ii and iii
cities showed 55percentage of growth.

Page 18 of 46
4. The author “SafalNiveshak” has published research article on “D-mart as Good
Products Great Value” on 31st august 2017. According to writer D-mart has great
future ahead. It will gain more profits in future , it has consistently grown up its store. As
they focus on achieving higher volume in business at the same time, keeps operating
costs low. This helps customer lower prices consistently.

5. Bijapurkar 2008 explained that the reduction indicates the rise in the amount of class
populations who will manage to pay for food drinkable and recreation additionally to
their basic wants in asian country a nice increase in family financial gain has been
discovered.
6. The author AvinashPawar has published analysis article as strategy and success of d-
mart- the case of chain in india on 2019 d-mart strategy has marked distinction from
nearly each different indian merchant. This is to create d-mart a lot of profitable than
others. Majority of consumers of d-mart square measure middle income families and that
they like it for worth for money and offer discounts.

7. Ranjith P Nair Rajesh2010 the authors in their analysis paper study however the service
quality of shops like d-mart and apna bazaar dissent the study focuses on the importance
of activity service quality despite its importance indian retailers still dont have a reliable
tool to live service quality.

8. Prakash Chandra Dash 2007 studied and explodes the opportunities challenges and
techniques of indian retail sectors the paper discusses the challenges like selling combine
retail differentiation offer chain management and additionally competition from suppliers
complete within the indian perspective.

Page 19 of 46
9. Surbhikhosla 2006 in her article shortly mentioned concerning the retail sector in asian
country and its journey the article mentions within the written record order the evolution
of various retail formats in asian country and additionally major retailers in numerous
formats the article additionally mentioned the recent trends within the formats and future
scope of the various formats of marketing .

10. Adirgrip 2019 in his article the author provides an in depth study on the business model
of d-mart he describes the assorted factors that d-mart employs to confirm client
satisfaction that is that the key to their success it additionally explains the revenue model
that d-mart uses that has allowed them to surpass its competitors like reliance ondoor big
bazaar jio-mart etc

Chapter 3
Research Methodology

Page 20 of 46
Contents
3.1 Objective of the study
3.2 Research Design
3.3 Scope of the study
3.4 Ratio Analysis
3.5 Limitations of the study

Chapter3.Research Methodology

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NATURE OF DATA:The number of data used for the Study in secondary data is
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DATA COLLECTION: The data necked for the study in Being collected from the annual
of Report of the company and which Is secondary data.

Page 21 of 46
 AREA OF STUDY: The study fromBhopal, Madhya Pradesh India.

DATA USED: The research relied entirely on Secondary data for analysis was Collected
directly from D-MART website.

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р. To find out the financial performance of the D-Mart for last 5 years through ratioAnalysis.

2. Comparative balance sheets are used in assessing the financial position of the company.

3.The purpose of financial performance as to diagnose the accounting financial soundness of

the company.

3.4 RATIO ANALYSIS:-

When we ascertained the monetary statements comprising the balance sheet and profit or loss
Account is that they are doing not give all the knowledge associated with monetary
operations of a firm, they’ll give some extraordinarily helpful info to the extent that the
record, Shows the monetary position on a selected date in terms of structure of assets,
liabilities and homeowners equity and profit or loss account shows the results of operation
throughout the year. So The financial statements can give a summarized view of the firm.
There fore so as to be told concerning the firm the careful examination of in valuable reports
and statements through monetary Analysis or ratios is needed.

Page 22 of 46
 MEANING AND DEFINITION
Ratio analysis is one among the powerful techniques that is wide used for decodin g
financial Statements. this method is a tool for assessing the monetary soundness of the
Business.The idea of Ratio analysis was introduced by Alexander wall for the primary
time in 1919. Ratios area unit Quantitative relationship between 2 or a lot of variables
taken from monetary statements.

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As a tool of financial management ratio are of crucial significance. The importance of ratio
Analysis lies within the incontrovertible fact that it presents facts on a comparative basis
and permits the drawing Inferences relating to the performance of a firm.Ratio analysis is
relevant in assessing the Performance of a firm in respect of the following aspects:

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1. The study has been carried out for the period of Five years and it is not sufficient enough
to analyse the entire aspect of the company.
2. The study is based on secondary data. Hence, it may not provide accurate information.

Page 23 of 46
3. There could be some fractional difference withinn the calculations.

Chapter 4
Data Representation
and Analysis

Page 24 of 46
 Contents
3.1 Data Representation and Interpretation
3.2 4.2 Secondary data Analysis










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Mainlyconcentrating only on Profitability ratio and Liquidity ratio:-
1. Profitability Ratio:-

Profitability Ratio helps in measuring ability of a company’s earning points profits.

1. A) Operating Profit Ratio:- Operating profit/Sales *100

B) Operating Profit:- Sales – Operating Expenses

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Chapter 5
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Page 40 of 46
A Report on “Strategy and Success of DMart: The Case of Retail Chain in India” by
AvinashPawar on June 2019.https://www.researchgate.net/publication/340081826

Kothari C.R.(2019), “ Research Methodology” ,methods and techniques fourth edition, new Age
International Publications Ltd. 111

M. Guruprasad (2018). “Study on the Consumer Preference and Perception of Supermarket

Chain – Case of D-Mart”, International Journal of Innovative Science and Research Technology.

Pranjalkamra(2020) Model of D-mart https://blog.finology.in/investing/business-model-dmart

Ranjit Kumar (2019) , “Research Methodology “, a step by step guide for beginners 3rd edition.

SaloniChechani, Marketing, 2019-21A Study on “Impact of D-Mart on small grocery retailers-

consumer perspective in BhilwaraSri Balaji University, Pune, India.

Safalniveshak (2017) has reviewed annual report https://www.safalniveshak.com/annual-report-

review-dmart/

Website:-

https://wap.business-standard.com/company/avenue-super-40942/financials-balance-
sheet/2/Standalone

https://www.moneycontrol.com/financials/avenuesupermarts/balance-sheetVI/AS19

https://www.moneycontrol.com/financials/avenuesupermarts/profit-lossVI/AS19

https://en.m.wikipedia.org/wiki/DMart

Page 41 of 46