AMARGIRI GOSWAMI

| BSE: 540376 | NSE: DMART

FINANCIAL
MODELING
REPORT
(A Comprehensive DCF and Comparable Comps Valuation)
Table
Of Contents
01 Historical Statement

02 Common Size Statement

03 Ratio Analysis

04 Forecasting

05 Beta Drifting

06 WACC

DCF Valuation
07
Comparable Comps
08 Valuation

VAR & Simulation

09
10 Dupont Analysis
 ONE PAGER

AVENUE SUPERMARTS LTD

( DMART | BSE Code : 540376 )

INR 4989.95 AVENUE SUPERMARTS LIMITED

52 Week (High - INR 5,219.00 & Low - INR 3,491.25)

About The Company Founded : May 15, 2002; 22 years ago

Avenue Supermarts Limited (DMart) is a national supermarket chain, with a focus on value-retailing. We offer a wide Founder: Radhakishan Damani
range of products with a focus on the Foods, Non-Foods (FMCG) and General Merchandise & Apparel product Headquarters : Powai, Mumbai, Maharashtra,
categories. Avenue Supermarts Limited, DMart, is an Indian retail corporation that operates a chain of supermarkets India
Number of locations: 365 (March 2024)
and hypermarkets. The company was founded by Radhakishan Damani and is based in Mumbai. As of March 2024,
Areas served : India
DMart has 365 stores across 12 states and union territories in India. In 2024, the company had a total of 13,971
Key people : Radhakishan Damani (Chairman)
permanent employees and 59,961 employees hired on contractual basis. Ignatius Navil Noronha (CEO)
INR (Crs)
Key Financial Metrics Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Share Price - 5Y
Total Sales 24,870 24,143 30,976 42,840 50,789
6000
Sales Growth (y-o-y) 24.32% -2.92% 28.30% 38.30% 18.56%
5000
Gross Profit Margins (%) 9.96% 8.82% 9.52% 9.98% 9.66%
4000
EBITDA Margins (%) 8.56% 7.23% 8.08% 8.49% 8.08%
EBIT Margins (%) 6.77% 5.34% 6.30% 6.85% 6.53% 3000
Net Profit Margins (%) 4.99% 3.75% 4.45% 5.25% 4.71% 2000
Earnings per Share (In Rs) ₹19.16 ₹13.97 ₹21.28 ₹34.72 ₹36.75 1000
EPS Growth (y-o-y) 39.98% -27.07% 52.35% 63.12% 5.84% 0
Dividend per Share (In Rs.) ₹0.00 ₹0.00 ₹0.00 ₹0.00 ₹0.00 19 20 21 22 23 24
DPS Growth (y-o-y) 0.00% 0.00% 0.00% 0.00% 0.00% 20 20 20 20 20 20

Key Financial Ratios Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Volumn - 5Y

Price To Earnings Ratio 108.91x 168.45x 173.75x 92.70x 116.11x 6m
EV/EBITDA 66.69x 105.54x 103.78x 60.38x 71.71x
4m
EV/Sales 5.71x 7.63x 8.38x 5.13x 5.80x
Price To Book Value 12.79x 15.20x 18.96x 13.71x 15.75x 2m
Return On Equity (%) 12% 9% 11% 15% 14% 0m
Return On Capital Employed (%) 20% 13% 16% 20% 20% 2019 2020 2021 2022 2023 2024

Top 10 Shareholders No. Of Shares (In Crs) (%) Holding Market Value (In Crs) Shareholding Pattern
Radhakishan Shivkishan Damani 14.98 23.03% 74,774
Bright Star Investments Pvt Ltd 8.88 13.64% 44,286 Promoter 74.64%
Gopikishan Shivkishan Damani 3.65 5.60% 18,198
Gopikishan S.Damani & Radhakishan S.Damani(On behalf of Karnikar Pvt Beneficiary Trust)3.10 4.76% 15,447 DIIs 7.95%
Gopikishan S.Damani & Radhakishan S.Damani(On behalf of Gulmohar Pvt Beneficiary Trust)3.10 4.76% 15,447
FIIs 9.22%
Radhakishan S.Damani & Shrikantadevi Damani (On behalf of Bottle Palm Pvt Beneficiary Trust)
3.10 4.76% 15,447
Radhakishan S.Damani & Shrikantadevi Damani(On behalf of Royal Palm Pvt Beneficiary Trust)
3.10 4.76% 15,447 Public 8.09%
Radhakishan S.Damani & Shrikantadevi Damani(On behalf of Mountain Glory Pvt Beneficiary3.10
Trust) 4.76% 15,447
Jyoti Varun Kabra 1.61 2.47% 8,016 Govt. 0.07%
Manjri Chandak 1.61 2.47% 8,016

Managerial Remuneration Designation Remuneration (In Crs) X Of Median Salary Capital Stucture
Mr. Ramesh Damani ID & Chairman ₹0.75 13.87x Share Price on XXX 4,990
Mr. Chandrashekhar Bhave ID ₹0.75 13.43x Number of Shares O/S 65
Ms. Kalpana Unadkat ID ₹0.75 12.18x Markect Capitalization 3,24,713
Mr. Harishchandra Bharuka ID ₹0.75 2.37x Less: Cash & Equivalents (638)
Mrs. Manjri Chandak NED ₹0.30 4.60x Add: Total Dedt 592.16
Mr. Ignatius Navil Noronha MD & CEO ₹4.95 139.05x Add: Minority Interest (0)
Mr. Ramakant Baheti WTD & CFO ₹1.00 28.88x Enterprise Value 3,24,666
Mr. Elvin Machado WTD ₹0.85 28.00x
Mr. Niladri Deb CFO ₹0.00 0.00x
Mrs. Ashu Gupta CS ₹0.00 0.00x

Financial Summary
Return on Equity (INR Crs.) Return on Assets (INR Crs.) Revenue (INR Crs.) Net Profit (INR Crs.)

10.38% 14.17%
12.91% 50,789 2,536
9.49% 2,379
42,840
7.55% 10.25%
6.20% 8.55% 30,976 1,493
24,143
1,099

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Recents Updates
DMart reported a 19.89% year-over-year revenue increase to ₹12,393.46 crore for Q4 FY24, with the company reaching a 52-week high in stock price
The company expanded its total number of stores to 365 as of March 31, 2024, signaling significant growth potential
DMart's standalone net profit grew by 14.9% to ₹737 crore in Q3 FY24 compared to Q3 FY23, underlining its strong operational performance​
In the quarter ending March 2024, DMart posted a revenue of ₹12,393.46 crore, marking a substantial jump from the previous year​
DMart continues its emphasis on expanding physical store networks, critical for capturing market share in new areas​
DMart's Q1 results for FY 2024-25 are scheduled for release, which will provide deeper insights into its financial health and performance trajectory
The stock price rallied to a 52-week high at ₹4,710.15, reflecting investor confidence in the company's growth strategy​
DMart updated its number of stores and emphasized continued efforts in store openings, catering to evolving consumer demands
Sources: Avenue Supermarts Website, Screener.com, Yahoo Finance, Equity Masters, Annual Reports, OpenAI, Various News Agencies

PREPARED BY: AMARGIRI GOSWAMI

AVENUE SUPERMARTS LTD
( BSE: 540376 | NSE: DMART )

Historical Financial Statement

Historical Financial Statement - AVENUE SUPERMARTS LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Income Statement
Sales ₹6,439.4 ₹8,583.8 ₹11,897.7 ₹15,033.2 ₹20,004.5 ₹24,870.2 ₹24,143.1 ₹30,976.3 ₹42,839.6 ₹50,788.8
Sales Growth - 33.30% 38.61% 26.35% 33.07% 24.32% -2.92% 28.30% 38.30% 18.56%

COGS ₹5,835.9 ₹7,773.2 ₹10,706.0 ₹13,413.8 ₹18,009.5 ₹22,394.3 ₹22,012.9 ₹28,028.5 ₹38,563.3 ₹45,882.4
COGS % Sales 90.63% 90.56% 89.98% 89.23% 90.03% 90.04% 91.18% 90.48% 90.02% 90.34%

Gross Profit ₹603.5 ₹810.6 ₹1,191.7 ₹1,619.4 ₹1,995.0 ₹2,475.9 ₹2,130.2 ₹2,947.8 ₹4,276.3 ₹4,906.5
Gross Margins 9.37% 9.44% 10.02% 10.77% 9.97% 9.96% 8.82% 9.52% 9.98% 9.66%

Selling & General Expenses ₹147.2 ₹146.1 ₹222.5 ₹266.6 ₹361.7 ₹347.6 ₹385.3 ₹445.5 ₹637.5 ₹800.8
S&G Exp % Sales 2.29% 1.70% 1.87% 1.77% 1.81% 1.40% 1.60% 1.44% 1.49% 1.58%

EBITDA ₹456.3 ₹664.5 ₹969.2 ₹1,352.9 ₹1,633.3 ₹2,128.3 ₹1,744.8 ₹2,502.4 ₹3,638.8 ₹4,105.6
EBITDA Margins 7.09% 7.74% 8.15% 9.00% 8.16% 8.56% 7.23% 8.08% 8.49% 8.08%

Interest ₹72.4 ₹91.3 ₹122.0 ₹59.5 ₹47.2 ₹69.1 ₹41.7 ₹53.8 ₹67.4 ₹58.1
Interest % Sales 1.12% 1.06% 1.03% 0.40% 0.24% 0.28% 0.17% 0.17% 0.16% 0.11%

Depreciation ₹81.5 ₹98.4 ₹127.8 ₹159.0 ₹212.5 ₹374.4 ₹414.2 ₹498.1 ₹638.9 ₹730.8
Depreciation%Sales 1.27% 1.15% 1.07% 1.06% 1.06% 1.51% 1.72% 1.61% 1.49% 1.44%

Earning Before Tax ₹302.4 ₹474.7 ₹719.4 ₹1,134.3 ₹1,373.6 ₹1,684.8 ₹1,289.0 ₹1,950.5 ₹2,932.5 ₹3,316.8
EBT Margins 4.70% 5.53% 6.05% 7.55% 6.87% 6.77% 5.34% 6.30% 6.85% 6.53%

Tax ₹110.9 ₹171.5 ₹268.3 ₹415.8 ₹519.5 ₹443.8 ₹384.0 ₹571.7 ₹681.8 ₹925.7
Effective Tax Rate 36.68% 36.12% 37.29% 36.66% 37.82% 26.34% 29.79% 29.31% 23.25% 27.91%

Net Profit ₹191.4 ₹303.2 ₹451.1 ₹718.5 ₹854.1 ₹1,241.0 ₹905.0 ₹1,378.8 ₹2,250.7 ₹2,391.0
Net Margins 2.97% 3.53% 3.79% 4.78% 4.27% 4.99% 3.75% 4.45% 5.25% 4.71%

No of Equity Shares 56.15 56.15 62.41 62.41 62.41 64.78 64.78 64.78 64.83 65.07

Earnings per Shares ₹3.4 ₹5.4 ₹7.2 ₹11.5 ₹13.7 ₹19.2 ₹14.0 ₹21.3 ₹34.7 ₹36.7
EPS Growth % 58.39% 33.85% 59.28% 18.87% 39.98% -27.07% 52.35% 63.12% 5.84%

Dividend per Shares - - - - - - - - - -

Dividend Payout Ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Retained Earnings 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Balance Sheet
Equity Share Capital ₹561.5 ₹561.5 ₹624.1 ₹624.1 ₹624.1 ₹647.8 ₹647.8 ₹647.8 ₹648.3 ₹650.7
Reserves ₹637.7 ₹958.9 ₹3,217.7 ₹4,045.0 ₹4,963.4 ₹10,432.0 ₹11,535.9 ₹13,029.9 ₹15,430.4 ₹18,047.1
Borrowings ₹904.3 ₹1,192.3 ₹1,497.3 ₹439.3 ₹700.2 ₹333.2 ₹392.7 ₹646.9 ₹643.0 ₹592.2
Other Liabilities ₹251.4 ₹388.8 ₹480.2 ₹539.9 ₹717.9 ₹663.2 ₹1,078.6 ₹1,146.4 ₹1,382.8 ₹1,882.5
Total Liabilities ₹2,354.8 ₹3,101.6 ₹5,819.3 ₹5,648.2 ₹7,005.5 ₹12,076.2 ₹13,655.1 ₹15,471.0 ₹18,104.5 ₹21,172.5

Fixed Assets Net Block ₹1,528.1 ₹2,093.5 ₹2,577.8 ₹3,400.0 ₹4,400.4 ₹5,948.0 ₹7,008.8 ₹9,260.0 ₹11,340.5 ₹13,415.0
Capital Work in Progress ₹98.1 ₹81.7 ₹152.9 ₹147.1 ₹376.8 ₹364.4 ₹1,019.6 ₹1,129.3 ₹829.2 ₹935.2
Investments ₹15.2 ₹29.3 ₹25.7 ₹68.2 ₹16.5 ₹14.7 ₹3.0 ₹5.9 ₹202.2 ₹106.7
Other Assets ₹128.7 ₹181.8 ₹209.8 ₹275.9 ₹319.7 ₹3,674.2 ₹1,886.3 ₹1,967.6 ₹1,018.7 ₹1,983.7
Total Non Current Assets ₹1,770.1 ₹2,386.4 ₹2,966.1 ₹3,891.1 ₹5,113.4 ₹10,001.3 ₹9,917.6 ₹12,362.9 ₹13,390.6 ₹16,440.6

Receivables ₹7.1 ₹8.4 ₹21.0 ₹33.5 ₹64.4 ₹19.6 ₹43.6 ₹66.9 ₹62.2 ₹166.4
Inventory ₹539.6 ₹671.7 ₹947.9 ₹1,163.5 ₹1,608.7 ₹1,947.4 ₹2,248.3 ₹2,742.7 ₹3,243.5 ₹3,927.3
Cash & Bank ₹38.0 ₹35.1 ₹1,884.3 ₹560.2 ₹219.1 ₹107.9 ₹1,445.6 ₹298.6 ₹1,408.3 ₹638.2
Total Current Assets ₹584.7 ₹715.2 ₹2,853.2 ₹1,757.2 ₹1,892.1 ₹2,074.8 ₹3,737.4 ₹3,108.1 ₹4,714.0 ₹4,731.9

Total Assets ₹2,354.8 ₹3,101.6 ₹5,819.3 ₹5,648.2 ₹7,005.5 ₹12,076.2 ₹13,655.1 ₹15,471.0 ₹18,104.5 ₹21,172.5

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
AVENUE SUPERMARTS LTD
( BSE: 540376 | NSE: DMART )

Cash Flow Statement

Cash Flow Statement - AVENUE SUPERMARTS LTD

Particulars Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Profit from operations 229 356 474 666 984 1,375 1,659 2,149 1,764 2,515 3,659 4,131
Receivables -8 4 2 -1 54 -13 -31 45 -24 -23 5 -104
Inventory -80 -102 -161 -132 -276 -212 -445 -339 -301 -494 -501 -684
Payables 30 28 -4 72 0 55 146 -30 145 11 165 231
Loans Advances -13 -18 -5 0 0 0 0 0 0 0 0 0
Operating investments 0 0 0 0 -2 -62 52 2 12 -3 0 0
Other WC items 6 6 16 -7 -46 -11 -72 -54 41 -73 12 -87
Working capital changes -65 -83 -152 -69 -270 -243 -351 -376 -127 -582 -320 -644
Direct taxes -37 -75 -100 -164 -258 -403 -502 -492 -262 -560 -709 -742
Cash from Operating Activity - 127 198 222 433 456 729 806 1,281 1,375 1,373 2,630 2,745

Fixed assets purchased -239 -272 -477 0 -645 -916 -1417 -1712 -2029 -2410 -2212 -2731
Fixed assets sold 2 1 0 2 10 7 8 6 2 21 5 9
Investments purchased -187 -644 -2901 -638 0 0 0 0 0 0 -193 0
Investments sold 194 645 2904 0 0 1376 410 232 3 4 6 123
Investment income 0 0 0 3 8 0 0 0 0 0 0 0
Interest received 0 0 0 1 1 31 36 12 129 43 39 262
Dividends received 0 0 0 0 0 0 0 0 0 0 0 0
Investment in group cos 0 0 0 -14 -21 -49 0 0 0 0 0 0
Redemp n Canc of Shares 0 0 0 0 0 8 0 0 0 0 0 0
Other investing items 0 0 0 14 -1835 7 3 -3194 786 1054 42 -131
Cash from Investing Activity - -230 -270 -474 -632 -2,482 464 -960 -4,656 -1,109 -1,288 -2,313 -2,468

Proceeds from shares 14 5 33 0 1841 0 0 110 0 0 15 75

Proceeds from debentures 0 0 200 350 250 0 0 300 0 0 0 0
Redemption of debentures 0 0 0 0 0 -384 -170 -512 -34 0 0 0
Proceeds from borrowings 219 245 295 -60 260 0 992 1,100 200 248 0 0
Repayment of borrowings -73 -130 -232 0 -155 -695 -562 -1550 -204 -248 0 0
Interest paid fin -42 -54 -62 -93 -120 -80 -51 -98 -44 -54 -67 -58
Financial liabilities 0 0 0 0 0 0 0 -70 -98 -125 -153 -164
Share application money 0 0 0 0 0 0 0 0 0 0 1 0
Other financing items 0 0 0 0 -50 0 0 4,077 0 0 0 0
Cash from Financing Activity - 118 66 234 197 2,026 -1,159 209 3,357 -180 -179 -204 -147

Net Cash Flow 15 -6 -18 -2 0 34 55 -18 86 -94 113 130

AVENUE SUPERMARTS LTD
( BSE: 540376 | NSE: DMART )

Common Size Statement

Common Size Income Statement - AVENUE SUPERMARTS LTD

Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 87.72% 86.62% 87.05% 85.46% 87.21% 86.21% 86.38% 86.81% 86.10% 86.55%
Change in Inventory 2.50% 1.54% 2.32% 1.41% 2.22% 1.36% 1.25% 1.60% 1.17% 1.35%
Power and Fuel 0.92% 0.92% 0.84% 0.81% 0.76% 0.76% 0.72% 0.67% 0.73% 0.74%
Other Mfr. Exp 2.41% 2.81% 2.80% 2.49% 2.50% 2.60% 3.09% 2.60% 2.61% 2.61%
Employee Cost 2.08% 1.74% 1.62% 1.88% 1.78% 1.84% 2.23% 1.99% 1.75% 1.79%
Selling and admin 9.05% 7.54% 0.60% 0.64% 0.68% 0.48% 0.45% 0.46% 0.49% 0.54%
Other Expenses -6.76% -5.84% 1.27% 1.13% 1.13% 0.92% 1.15% 0.98% 0.99% 1.04%
Other Income 0.31% 0.20% 0.23% 0.58% 0.24% 0.24% 0.81% 0.37% 0.30% 0.28%
Depreciation 1.27% 1.15% 1.07% 1.06% 1.06% 1.51% 1.72% 1.61% 1.49% 1.44%
Interest 1.12% 1.06% 1.03% 0.40% 0.24% 0.28% 0.17% 0.17% 0.16% 0.11%
Profit before tax 5.01% 5.73% 6.28% 8.13% 7.11% 7.02% 6.14% 6.66% 7.14% 6.82%
Tax 1.72% 2.00% 2.25% 2.77% 2.60% 1.78% 1.59% 1.85% 1.59% 1.82%
Net profit 3.29% 3.73% 4.02% 5.36% 4.51% 5.23% 4.55% 4.82% 5.55% 4.99%
Dividend Amount 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA 7.40% 7.94% 8.38% 9.58% 8.41% 8.80% 8.03% 8.45% 8.79% 8.37%

Common Size Balance Sheet - AVENUE SUPERMARTS LTD

Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 23.85% 18.11% 10.72% 11.05% 8.91% 5.36% 4.74% 4.19% 3.58% 3.07%
Reserves 27.08% 30.92% 55.29% 71.61% 70.85% 86.38% 84.48% 84.22% 85.23% 85.24%
Borrowings 38.40% 38.44% 25.73% 7.78% 9.99% 2.76% 2.88% 4.18% 3.55% 2.80%
Other Liabilities 10.67% 12.53% 8.25% 9.56% 10.25% 5.49% 7.90% 7.41% 7.64% 8.89%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 64.89% 67.50% 44.30% 60.20% 62.81% 49.25% 51.33% 59.85% 62.64% 63.36%
Capital Work in Progress 4.17% 2.63% 2.63% 2.60% 5.38% 3.02% 7.47% 7.30% 4.58% 4.42%
Investments 0.65% 0.95% 0.44% 1.21% 0.24% 0.12% 0.02% 0.04% 1.12% 0.50%
Other Assets 5.46% 5.86% 3.60% 4.88% 4.56% 30.43% 13.81% 12.72% 5.63% 9.37%
Receivables 0.30% 0.27% 0.36% 0.59% 0.92% 0.16% 0.32% 0.43% 0.34% 0.79%
Inventory 22.92% 21.66% 16.29% 20.60% 22.96% 16.13% 16.46% 17.73% 17.92% 18.55%
Cash & Bank 1.62% 1.13% 32.38% 9.92% 3.13% 0.89% 10.59% 1.93% 7.78% 3.01%
AVENUE SUPERMARTS LTD
( BSE: 540376 | NSE: DMART )

Ratio Analysis
Ratio Analysis - AVENUE SUPERMARTS LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trend Mean Median

SalesGrowth 33.30% 38.61% 26.35% 33.07% 24.32% -2.92% 28.30% 38.30% 18.56% 26.43% 28.30%
EBITDA Growth 45.63% 45.86% 39.59% 20.73% 30.31% -18.02% 43.42% 45.41% 12.83% 29.53% 39.59%
EBIT Growth 56.99% 51.55% 57.68% 21.10% 22.65% -23.49% 51.31% 50.35% 13.10% 33.47% 50.35%
Net Profit Growth 58.39% 48.77% 59.28% 18.87% 45.29% -27.07% 52.35% 63.24% 6.23% 36.15% 48.77%
Dividend Growth 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Gross Margin 9.37% 9.44% 10.02% 10.77% 9.97% 9.96% 8.82% 9.52% 9.98% 9.66% 9.75% 9.81%
EBITDA Margin 7.09% 7.74% 8.15% 9.00% 8.16% 8.56% 7.23% 8.08% 8.49% 8.08% 8.06% 8.11%
EBIT Margin 5.82% 6.59% 7.07% 7.94% 7.10% 7.05% 5.51% 6.47% 7.00% 6.64% 6.72% 6.82%
EBT Margin 4.70% 5.53% 6.05% 7.55% 6.87% 6.77% 5.34% 6.30% 6.85% 6.53% 6.25% 6.41%
Net Profit Margin 2.97% 3.53% 3.79% 4.78% 4.27% 4.99% 3.75% 4.45% 5.25% 4.71% 4.25% 4.36%

SalesExpenses%Sales 2.29% 1.70% 1.87% 1.77% 1.81% 1.40% 1.60% 1.44% 1.49% 1.58% 1.69% 1.65%
Depreciation%Sales 1.27% 1.15% 1.07% 1.06% 1.06% 1.51% 1.72% 1.61% 1.49% 1.44% 1.34% 1.35%
OperatingIncome%Sales 5.82% 6.59% 7.07% 7.94% 7.10% 7.05% 5.51% 6.47% 7.00% 6.64% 6.72% 6.82%

Return on Capital Employed 17.81% 20.87% 15.76% 23.37% 22.60% 15.37% 10.58% 13.99% 17.94% 17.50% 17.58% 17.66%
Retained Earnings% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Return on Equity% 15.96% 19.94% 11.74% 15.39% 15.29% 11.20% 7.43% 10.08% 14.00% 12.79% 13.38% 13.39%
Self Sustained Growth Rate 15.96% 19.94% 11.74% 15.39% 15.29% 11.20% 7.43% 10.08% 14.00% 12.79% 13.38% 13.39%
Interest Coverage Ratio 5.18x 6.20x 6.90x 20.05x 30.10x 25.37x 31.95x 37.26x 44.50x 58.06x 26.56x 27.74x

Debtor Turnover Ratio 910.81x 1019.45x 566.56x 448.48x 310.77x 1272.13x 553.99x 463.09x 689.18x 305.28x 653.98x 560.28x
Creditor Turnover Ratio 25.62x 22.08x 24.78x 27.84x 27.87x 37.50x 22.38x 27.02x 30.98x 26.98x 27.30x 27.00x
Inventory Turnover 11.93x 12.78x 12.55x 12.92x 12.44x 12.77x 10.74x 11.29x 13.21x 12.93x 12.36x 12.66x
Fixed Asset Turnover 4.21x 4.10x 4.62x 4.42x 4.55x 4.18x 3.44x 3.35x 3.78x 3.79x 4.04x 4.14x
Capital Turnover Ratio 5.37x 5.65x 3.10x 3.22x 3.58x 2.24x 1.98x 2.26x 2.66x 2.72x 3.28x 2.91x

Debtor Days 0 0 1 1 1 0 1 1 1 1 1 1
Payable Days 14 17 15 13 13 10 16 14 12 14 14 14
Inventory Days 31 29 29 28 29 29 34 32 28 28 30 29
Cash Conversion Cycle (in days) 17 12 15 16 17 19 18 20 16 16 17 17

CFO/Sales 3.45% 5.05% 3.83% 4.86% 4.03% 5.15% 5.70% 4.43% 6.14% 5.41% 4.80% 4.95%
CFO/Total Assets 9.43% 13.98% 7.82% 12.92% 11.52% 10.60% 10.07% 8.87% 14.53% 12.97% 11.27% 11.06%
CFO/Total Debt 24.55% 36.35% 30.41% 166.19% 115.24% 384.21% 350.17% 212.13% 409.07% 463.70% 219.20% 189.16%
AVENUE SUPERMARTS LTD
( BSE: 540376 | NSE: DMART )

Forecasting
AVENUE SUPERMARTS LTD - Sales Forecasting AVENUE SUPERMARTS LTD - EBITDA Forecasting
Year Weight Year Sales Sales Growth Year Weight Year EBITDA EBITDA Growth
1 2015A 6,439.4 1 2015A 456.3
2 2016A 8,583.8 33.30% 2 2016A 664.5 45.63%
3 2017A 11,897.7 38.61% 3 2017A 969.2 45.86%
4 2018A 15,033.2 26.35% 4 2018A 1,352.9 39.59%
5 2019A 20,004.5 33.07% 5 2019A 1,633.3 20.73%
6 2020A 24,870.2 24.32% 6 2020A 2,128.3 30.31%
7 2021A 24,143.1 -2.92% 7 2021A 1,744.8 -18.02%
8 2022A 30,976.3 28.30% 8 2022A 2,502.4 43.42%
9 2023A 42,839.6 38.30% 9 2023A 3,638.8 45.41%
10 2024A 50,788.8 18.56% 10 2024A 4,105.6 12.83%
11 2025E 49,108.4 -3.31% 11 2025E 4,019.6 -2.09%
12 2026E 53,754.0 9.46% 12 2026E 4,401.5 9.50%
13 2027E 58,399.6 8.64% 13 2027E 4,783.3 8.67%
14 2028E 63,045.2 7.95% 14 2028E 5,165.1 7.98%
15 2029E 67,690.8 7.37% 15 2029E 5,546.9 7.39%

Sales Forcasting EBITDA Forecasting

80,000.0 6,000.0
60,000.0
4,000.0
40,000.0
2,000.0
20,000.0
0.0 0.0

2025E
2026E
2027E
2028E
2029E
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A
2025E
2026E
2027E
2028E
2029E
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A

AVENUE SUPERMARTS LTD - Earning Before Tax Forecasting AVENUE SUPERMARTS LTD - EPS Forecasting
Year Weight Year EBT EBT Growth Year Weight Year EPS EPS Growth
1 2015A 302.4 1 2015A 3.4
2 2016A 474.7 56.99% 2 2016A 5.4 58.39%
3 2017A 719.4 51.55% 3 2017A 7.2 33.85%
4 2018A 1,134.3 57.68% 4 2018A 11.5 59.28%
5 2019A 1,373.6 21.10% 5 2019A 13.7 18.87%
6 2020A 1,684.8 22.65% 6 2020A 19.2 39.98%
7 2021A 1,289.0 -23.49% 7 2021A 14.0 -27.07%
8 2022A 1,950.5 51.31% 8 2022A 21.3 52.35%
9 2023A 2,932.5 50.35% 9 2023A 34.7 63.12%
10 2024A 3,316.8 13.10% 10 2024A 36.7 5.84%
11 2025E 3,226.6 -2.72% 11 2025E 36.3 -1.15%
12 2026E 3,537.3 9.63% 12 2026E 39.9 9.82%
13 2027E 3,848.0 8.78% 13 2027E 43.5 8.94%
14 2028E 4,158.7 8.07% 14 2028E 47.0 8.21%
15 2029E 4,469.4 7.47% 15 2029E 50.6 7.58%

EBT Forecasting EPS Forecasting

5,000.0 60.0
4,000.0 50.0
3,000.0 40.0
2,000.0 30.0
20.0
1,000.0
10.0
0.0 0.0
2025E
2026E
2027E
2028E
2029E
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A

2025E
2026E
2027E
2028E
2029E
2015A
2016A
2017A
2018A
2019A
2020A
2021A
2022A
2023A
2024A
AVENUE SUPERMARTS LTD
( BSE: 540376 | NSE: DMART )

BETA Regression
Regression Beta - Weekly 2 years

AVENUE SUPERMARTS LTD Weekly Returns Nifty Returns Beta Drifting

Date Closing Price Return Closing Price Return Levered Raw Beta 0.89
13-08-2024 4,929.5 24,139.0 Raw Beta Weight 75.00%
12-08-2024 5,013.8 1.71% 24,347.0 0.86%
05-08-2024 4,990.0 -0.48% 24,367.5 0.08% Market Beta 1.00
29-07-2024 4,909.7 -1.61% 24,717.7 1.44% Market Beta Weight 25.00%
22-07-2024 5,071.6 3.30% 24,834.8 0.47%
15-07-2024 5,010.7 -1.20% 24,530.9 -1.22% Adjusted Beta 0.92
08-07-2024 4,943.6 -1.34% 24,502.2 -0.12%
01-07-2024 4,853.1 -1.83% 24,323.8 -0.73%
24-06-2024 4,716.8 -2.81% 24,010.6 -1.29%
17-06-2024 4,804.9 1.87% 23,501.1 -2.12%
10-06-2024 4,740.0 -1.35% 23,465.6 -0.15%
03-06-2024 4,747.3 0.15% 23,290.2 -0.75%
27-05-2024 4,302.1 -9.38% 22,530.7 -3.26%
20-05-2024 4,684.5 8.89% 22,957.1 1.89%
13-05-2024 4,670.6 -0.30% 22,466.1 -2.14%
06-05-2024 4,796.8 2.70% 22,055.2 -1.83%
29-04-2024 4,612.4 -3.85% 22,475.8 1.91%
22-04-2024 4,553.1 -1.28% 22,419.9 -0.25%
15-04-2024 4,696.0 3.14% 22,147.0 -1.22%
08-04-2024 4,765.0 1.47% 22,519.4 1.68%
01-04-2024 4,619.3 -3.06% 22,513.7 -0.03%
25-03-2024 4,525.6 -2.03% 22,326.9 -0.83%
18-03-2024 4,297.6 -5.04% 22,096.8 -1.03%
11-03-2024 3,932.1 -8.50% 22,023.3 -0.33%
04-03-2024 3,925.9 -0.16% 22,493.6 2.14%
26-02-2024 3,884.1 -1.06% 22,338.8 -0.69%
19-02-2024 3,840.6 -1.12% 22,212.7 -0.56%
12-02-2024 3,693.3 -3.83% 22,040.7 -0.77%
05-02-2024 3,719.2 0.70% 21,782.5 -1.17%
29-01-2024 3,784.3 1.75% 21,853.8 0.33%
22-01-2024 3,734.3 -1.32% 21,352.6 -2.29%
15-01-2024 3,731.7 -0.07% 21,622.4 1.26%
08-01-2024 3,841.0 2.93% 21,894.6 1.26%
01-01-2024 3,863.5 0.59% 21,710.8 -0.84%
25-12-2023 4,082.6 5.67% 21,731.4 0.09%
18-12-2023 4,007.9 -1.83% 21,349.4 -1.76%
11-12-2023 4,045.6 0.94% 21,456.7 0.50%
04-12-2023 4,070.6 0.62% 20,969.4 -2.27%
27-11-2023 3,988.4 -2.02% 20,267.9 -3.35%
20-11-2023 3,842.9 -3.65% 19,794.7 -2.33%
13-11-2023 3,810.9 -0.83% 19,731.8 -0.32%
06-11-2023 3,798.4 -0.33% 19,425.3 -1.55%
30-10-2023 3,649.7 -3.91% 19,230.6 -1.00%
23-10-2023 3,665.4 0.43% 19,047.3 -0.95%
16-10-2023 3,749.5 2.29% 19,542.7 2.60%
09-10-2023 3,935.9 4.97% 19,751.1 1.07%
02-10-2023 3,833.9 -2.59% 19,653.5 -0.49%
25-09-2023 3,675.6 -4.13% 19,638.3 -0.08%
18-09-2023 3,689.1 0.37% 19,674.3 0.18%
11-09-2023 3,796.0 2.90% 20,192.3 2.63%
04-09-2023 3,782.4 -0.36% 19,819.9 -1.84%
AVENUE SUPERMARTS LTD
( BSE: 540376 | NSE: DMART )

Weighted Average Cost of Capital

All figures in INR unless stated otherwise

Peer Comps
Debt/ Debt/ Levered Unlevered
1
Name of Comp Country Total Debt Total Equity Tax Rate Equity Capital Beta 2 Beta 3

Avenue Super. India 592.16 3,20,919.7 30.00% 0.18% 0.18% 0.89 0.89
Trent India 1,753.0 2,26,886.3 30.00% 0.77% 0.77% 0.97 0.96
Aditya Bir. Fas. India 9,451.4 31,808.1 30.00% 29.71% 22.91% 1.69 1.40
Redtape India 480.1 9,495.9 30.00% 5.06% 4.81% 0.12 0.12
Shoppers Stop India 2,784.5 8,424.1 30.00% 33.05% 24.84% 0.64 0.52

Average 30.00% 13.76% 10.70% 0.86 0.78

Median 30.00% 5.06% 4.81% 0.89 0.89

Cost Of Debt Cost Of Equity

Pre-tax Cost of Debt 9.82% Risk free rate 7.00%

Tax 30.00% Equity Risk Premium 8.61%
Post-tax Cost of Debt 6.87% Levered Beta 4 0.96
Cost of Equity 15.28%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 0.89

Total Debt 592.16 0.18% 10.70% Target Debt / Equity 11.99%
Market Capitalisation 3,20,919.7 99.82% 89.30% Tax Rate 30%
Total Capital 321511.85 100.00% 100.00% Levered Beta 0.96

Debt/Equity 0.18% 11.99%

Weighted Average Cost Of Capital

Total Cost Total Weight

Debt 6.87% 10.70%
Equity 15.28% 89.30%
Weighted Average Cost of Capital 14.38%

Notes:
1. Tax Rate considered as Marginal Tax Rate for the Company
2. Levered Beta is Based on 5 years Monthly Data
3. Unlevered Beta = Levered Beta/(1+(1 - Tax Rate)*Debt/Equity)
4. Levered Beta = Unlevered Beta*(1+(1 - Tax Rate)*Debt/Equity)
AVENUE SUPERMARTS LTD
( BSE: 540376 | NSE: DMART )

DCF Valuation
Calculation of PV of FCFF Mar-24A Mar-25F Mar-26F Mar-27F Mar-28F Mar-29F

EBIT 3,520.0 4,264.9 5,167.3 6,260.7 7,585.5 9,190.5

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%

EBIT(1-T) 2,640.0 3,198.6 3,875.5 4,695.5 5,689.1 6,892.9

Less: Reinvestment Rate 35.30% 36.48% 27.36% 20.52% 15.39% 40.00%

Free Cash Flow To Firm (FCFF) 1,708.1 2,031.9 2,815.3 3,732.1 4,813.7 4,135.7
Mid Year Convention 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.94 0.82 0.71 0.62 0.55
PV of FCFF 1,899.9 2,301.4 2,667.2 3,007.6 2,259.1

Expected Growth 21.16%

Terminal Growth 7.00%
WACC 14.38%

Calculation of Terminal Value Sensitivity Analysis - Enterprise Value

WACC
FCFF(n+1) 3,260.6 36,262.5 13.70% 14.38% 16.40% 18.20%
WACC 14.38% 5.00% 32,607.7 31,119.3 27,759.0 25,628.5
Treminal Growth Rate 7% 6.80% 37,948.3 35,626.1 30,688.4 27,759.0
Terminal Value 44,169.2 7.00% 38,718.9 36,262.5 31,083.2 28,038.0
8.00% 43,382.7 40,042.9 33,338.9 29,597.0
9.00% 50,031.1 45,228.2 36,204.2 31,495.1
Calculation of Equity Value GROWTH

PV OF FCFF 12,135.3 Sensitivity Analysis - Equity Value

PV of Terminal Value 24,127.2 WACC
Enterprise Value 36,262.5 544.1 13.70% 14.38% 16.40% 18.20%
Add: Cash 638.2 5.00% 487.9 465.0 413.4 380.6
Less: Debt 1,497.0 6.80% 570.0 534.3 458.4 413.4
Equity Value per Share 35,403.7 7.00% 581.8 544.1 464.5 417.7
No. Of Shares 65.1 8.00% 653.5 602.2 499.1 441.6
Equity Value 544.1 9.00% 755.6 681.8 543.2 470.8
GROWTH
Share Price 4989.95
Discount/Premium 9.17x

Assumptions
1. The Reinvestment rate and Growth rate are taken from the NYU Stern report on the Indian sector, updated in January 2024.
2. The Terminal growth rate is based on India's long term GDP growth rate.
AVENUE SUPERMARTS LTD
( BSE: 540376 | NSE: DMART )

Amount in crores

Comparable Company Valuation

Market Data Financials Valuation
Shares Enterprise
Company Share Price Outstanding Equity Value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E
Avenue Super. 4,929.5 65.1 3,20,762.6 (46.0) 3,20,716.5 52,992.5 4,439.1 2,650.6 6.1x 72.2x 121.0x
Trent 6,381.7 35.6 2,26,869.4 1,455.4 2,28,324.9 13,851.2 3,179.3 1,702.0 16.5x 71.8x 133.3x
Aditya Bir. Fas. 312.7 101.6 31,773.4 8,989.0 40,762.5 14,227.6 1,755.8 (789.2) 2.9x 23.2x -40.3x
Redtape 687.2 13.8 9,497.1 459.0 9,956.1 1,842.9 328.0 176.2 5.4x 30.4x 53.9x
Shoppers Stop 767.4 11.0 8,441.4 2,767.8 11,209.2 4,392.3 733.6 40.0 2.6x 15.3x 210.8x
High 16.5x 72.2x 210.8x
75th Percentile 6.1x 71.8x 133.3x
Average 6.7x 42.6x 95.8x
Median 5.4x 30.4x 121.0x
25th Percentile 2.9x 23.2x 53.9x
Low 2.6x 15.3x -40.3x

AVENUE SUPERMARTS LTD Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprise Value 2,86,285 1,34,747 3,20,717
Net Debt (46) (46) (46)
Implied Market Value 2,86,331 1,34,794 3,20,763
Shares Outstanding 65.07 65.07 65.07
Implies Value per Share 4,400.4 2,071.5 4,929.5
Source: The Valuation School, Screener.in
Overvalued Overvalued Overvalued
AVENUE SUPERMARTS LTD
( BSE: 540376 | NSE: DMART )

Value at Risk (VAR) & Monte Carlo Simulation

Date Adj Close Return Sorted Returns Replication Simulated Returns Calculation of Value at Risk - AVENUE SUPERMARTS LTD
07-04-2017 751.20 -0.7890539 0.13064417 1 -0.018305306
16-05-2022 3,561.10 0.8576422 0.10230297 2 -0.039239227 Historical Approach
23-09-2019 1,917.00 0.08846244 0.08846244 3 0.020303415 Mean 0.13%
20-09-2019 1,761.20 -0.2908824 0.08759686 4 0.000830872 Standard Deviation 2.02%
10-02-2020 2,483.65 1.22539294 0.08589103 5 -0.002343191 Min -11.09%
26-09-2017 1,116.05 -0.7819001 0.08459674 6 -0.015872016 Max 13.06%
13-10-2021 5,117.15 0.08426823 0.07979529 7 0.011411993 CMP 4989.95
11-10-2021 4,719.45 2.22697449 0.07066777 8 -0.0075671
02-11-2018 1,462.50 -0.6992133 0.07056586 9 0.020489666 Percentile Confidence VAR% Stock Price VAR(INR)
05-06-2024 4,862.25 2.68883248 0.06892003 10 0.001188213 5.0% 95.0% -2.9% 5136.00 -146.05
20-05-2019 1,318.10 -0.066303 0.06793597 11 -0.008628388 1.0% 99.0% -5.0% 5239.33 -249.38
12-10-2018 1,411.70 -0.2506701 0.06455017 12 0.00590488 0.5% 99.5% -5.6% 5271.03 -281.08
17-12-2019 1,883.95 -0.6261485 0.06413801 13 0.025345207 10.0% 90.0% -2.1% 5096.38 -106.43
18-06-2024 5,039.30 2.36502931 0.06315459 14 0.016839282
25-05-2018 1,497.55 0.26412866 0.06216755 15 -0.014664543
10-10-2017 1184.7 -0.5787162 0.06080145 16 0.033707152 Monte Carlo Simulation
01-02-2021 2,812.00 0.15877531 0.06053177 17 0.052478581 Mean 0.11%
01-12-2020 2,426.70 -0.3805804 0.06006465 18 -0.040320379 Standard Deviation 2.03%
15-06-2023 3,917.70 0.27467056 0.05745168 19 0.010081983 Min -7.46%
02-03-2021 3,073.50 1.85190697 0.05674846 20 0.002349213 Max 5.78%
05-09-2017 1,077.70 -0.4854128 0.05589568 21 -0.006523634 CMP 4989.95
19-10-2020 2,094.30 -0.3147597 0.05548841 22 0.012225819
18-05-2021 3,056.30 0.84676283 0.05436923 23 -0.042503145 Percentile Confidence VAR% Stock Price VAR(INR)
28-12-2018 1,654.95 -0.4749441 0.05400753 24 -0.025340894 5.0% 95.0% -3.2% 5150.01 -160.06
23-02-2021 3,151.95 0.10102173 0.05324796 25 0.023970911 1.0% 99.0% -4.7% 5224.44 -234.49
22-01-2021 2,862.75 1.21703775 0.05281066 26 0.029640494 0.5% 99.5% -5.0% 5238.91 -248.96
29-10-2018 1,291.25 0.2342876 0.05270669 27 -0.002038251 10.0% 90.0% -2.5% 5115.14 -125.19
28-08-2017 1,046.15 -0.2377778 0.05182993 28 -0.023294541
09-10-2018 1,372.50 1.06577356 0.05180472 29 0.006054784 Daily Returns Contribution
06-04-2017 664.40 -0.5034194 0.05101637 30 -0.013366932
250
31-10-2018 1,337.95 -0.647574 0.05052605 31 -0.046958596
30-05-2022 3,796.40 0.9038639 0.05051394 32 0.001450164 200
26-03-2020 1,994.05 -0.1249369 0.04999741 33 -0.006349665 150
08-04-2020 2,278.75 -0.0715465 0.04999424 34 0.019128185
20-05-2020 2,454.35 0.02578739 0.04998935 35 -0.012643313 100
09-04-2020 2,392.65 0.25988623 0.0499835 36 0.053677964 50
25-03-2020 1,899.10 -0.1249395 0.04998066 37 0.007212619
0
07-04-2020 2,170.25 0.13263923 0.04997704 38 -0.008326499
(0.00080482…
(0.00660482…
(0.01240482…
(0.01820482…
(0.02400482…
(0.02980482…
(0.03560482…
(0.04140482…
(0.04720482…
(0.05300482…
20-03-2020 1,916.10 -0.277516 0.04997531 39 -0.005788626
[-…
(-…
(-…
(-…
(-…
(-…
(-…
(-…
(-…
(-…
(-…
(-…
(-…

08-12-2020 2,652.10 0.83797095 0.04973388 40 -0.017661114

01-02-2019 1,442.95 -0.3749269 0.04953266 41 0.012365356
28-05-2020 2,308.45 0.70403044 0.04920007 42 -0.025218155
27-02-2018 1,354.70 -0.0495001 0.04917906 43 -0.010398573
15-07-2019 1,425.25 -0.3216326 0.04844047 44 0.009736768
13-03-2020 2,101.00 0.61584311 0.04814168 45 0.008475927
23-02-2018 1,300.25 -0.030713 0.04803931 46 -0.028454513
26-03-2018 1,341.45 0.17290374 0.04710794 47 0.010273956
25-10-2017 1,143.70 -0.7121174 0.04648177 48 0.010150154
31-05-2022 3,972.80 3.91136102 0.04646511 49 0.01302086
05-05-2017 808.90 -0.8221709 0.04610414 50 -0.01845798
04-06-2024 4,548.75 2.58550421 0.04584591 51 0.005216578
12-10-2017 1,268.65 -0.1651147 0.04579181 52 -0.022969795
06-06-2018 1,519.55 -0.5724094 0.04526229 53 -0.023455659
03-04-2023 3,553.75 -0.2078485 0.04489788 54 -0.031664159
26-03-2024 4,486.20 0.07050055 0.04388498 55 -0.016255725
25-02-2022 4,190.75 3.48400397 0.04386437 56 0.007127089
10-07-2017 934.60 -0.584419 0.04372099 57 0.019840602
05-02-2020 2,248.90 0.81685233 0.04342776 58 0.001566884
21-02-2018 1,237.80 -0.404818 0.0429727 59 0.017340486
27-03-2020 2,079.70 -0.4909683 0.04295273 60 0.007515857
16-06-2023 4,085.60 -0.1763401 0.04285682 61 0.046752353
10-11-2021 4,960.30 2.57511981 0.04270412 62 -0.013127513
26-06-2019 1,387.45 0.78599471 0.04268585 63 0.027578344
01-06-2017 776.85 -0.4770272 0.0425417 64 0.019950939
15-05-2018 1,485.45 -0.6082674 0.04227477 65 -0.030383985
06-07-2022 3,792.00 -0.0605956 0.04203019 66 -0.012529007
26-12-2022 4,036.60 1.63649128 0.04154195 67 0.041917001
26-08-2019 1,531.05 -0.670391 0.04138899 68 -0.003848196
04-04-2024 4,645.05 0.45489707 0.04128089 69 0.007755534
03-06-2021 3,192.70 -0.1226557 0.04125628 70 0.001630861
05-07-2022 3,639.05 3.13387493 0.0410671 71 -0.028312358
AVENUE SUPERMARTS LTD
( DMART | BSE Code : 540376 )
INR 4989.95
52 Week (High - INR 5,219.00 & Low - INR 3,491.25)
About The Company
Avenue Supermarts Limited (DMart) is a national supermarket chain, with a focus on value-retailing. We offer a wide range of products
with a focus on the Foods, Non-Foods (FMCG) and General Merchandise & Apparel product categories. Avenue Supermarts Limited,
DMart, is an Indian retail corporation that operates a chain of supermarkets and hypermarkets. The company was founded by
Radhakishan Damani and is based in Mumbai. As of March 2024, DMart has 365 stores across 12 states and union territories in India. In
2024, the company had a total of 13,971 permanent employees and 59,961 employees hired on contractual basis.

Financial Summary

Revenue (INR Crs.) Net Profit (INR Crs.) Average Total Assets (INR Crs.)

50,789 2,536
2,379 19,639
42,840
16,788
14,563
30,976 1,493 12,866

24,143
1,099

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Return on Equity (INR Crs.) Return on Assets (INR Crs.) Financial Leverage (INR Crs.)

0.7x
10.38% 14.17%
9.49% 12.91% 0.7x
0.7x
7.55% 10.25%
8.55%
6.20%

0.7x

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Recent Updates
• Sales Increase: Sales rose by 18.57% to ₹14,069.14 crore from ₹11,865.44 crore a year earlier
• Revenue Growth: Total revenue was ₹14,110.74 crore, up from ₹11,904.18 crore in the same period last
year​
• Net Profit Surge: Consolidated net profit increased by 17.47% to ₹773.82 crore from ₹658.75 crore in the
previous year​
• Earnings Per Share: Basic earnings per share rose to ₹11.89 from ₹10.14, and diluted earnings per share
increased to ₹11.86 from ₹10.12​
• Profit Before Tax (PBT): PBT grew to ₹1,054.13 crore, representing a 17.48% increase from the previous
year​
• Profit Before Depreciation and Tax (PBDT): This metric saw an 18% growth, reaching ₹1,246.89 crore​
• Operating Profit Margin: The operating profit margin slightly decreased from 8.73% to 8.68%
• Strategic Developments: Avenue Supermarts continues to navigate market challenges and strategic store
expansions to enhance its retail footprint​
 Dupont Analysis - Return on Equity & Return on Asset
Return on Equity (ROE)
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 806.3 902.5 1,301.1 1,099.5 1,492.6 2,378.5 2,536.2
Average Shareholder Equity 6,589.9 7,922.0 13,873.5 17,723.6 19,769.5 22,917.5 26,737.2
Return on Equity 12.23% 11.39% 9.38% 6.20% 7.55% 10.38% 9.49%

ROE - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 806.3 902.5 1,301.1 1,099.5 1,492.6 2,378.5 2,536.2
Revenue 15,033.2 20,004.5 24,870.2 24,143.1 30,976.3 42,839.6 50,788.8
Net Profit Margin (A) 5.36% 4.51% 5.23% 4.55% 4.82% 5.55% 4.99%

Revenue 15,033.2 20,004.5 24,870.2 24,143.1 30,976.3 42,839.6 50,788.8

Average Total Assets 5,733.8 6,326.9 9,540.8 12,865.6 14,563.0 16,787.8 19,638.5
Asset Turnover Ratio (B) 2.6x 3.2x 2.6x 1.9x 2.1x 2.6x 2.6x

Average Total Assets 5,733.8 6,326.9 9,540.8 12,865.6 14,563.0 16,787.8 19,638.5
Average Shareholder Equity 6,589.9 7,922.0 13,873.5 17,723.6 19,769.5 22,917.5 26,737.2
Equity Multiplier (C) 0.9x 0.8x 0.7x 0.7x 0.7x 0.7x 0.7x

Return on Equity (A*B*C) 12.23% 11.39% 9.38% 6.20% 7.55% 10.38% 9.49%

Return on Assets (ROA)

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 806.3 902.5 1,301.1 1,099.5 1,492.6 2,378.5 2,536.2
Average Total Assets 5,733.8 6,326.9 9,540.8 12,865.6 14,563.0 16,787.8 19,638.5
Return on Assets 14.06% 14.27% 13.64% 8.55% 10.25% 14.17% 12.91%

ROA - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 806.3 902.5 1,301.1 1,099.5 1,492.6 2,378.5 2,536.2
Revenue 15,033.2 20,004.5 24,870.2 24,143.1 30,976.3 42,839.6 50,788.8
Net Profit Margin (A) 5.36% 4.51% 5.23% 4.55% 4.82% 5.55% 4.99%

Revenue 15,033.2 20,004.5 24,870.2 24,143.1 30,976.3 42,839.6 50,788.8

Average Total Assets 5,733.8 6,326.9 9,540.8 12,865.6 14,563.0 16,787.8 19,638.5
Asset Turnover Ratio (B) 2.6x 3.2x 2.6x 1.9x 2.1x 2.6x 2.6x

Return on Assets (A*B) 14.06% 14.27% 13.64% 8.55% 10.25% 14.17% 12.91%

Dupont Summary

• ROE experienced significant decreased from 12.23% in 2018 to 9.49% in 2024, it shows disimprovement in the
company's profitability in using shareholders' equity.
• The Net profit Margin decreased from 5.36% in 2018 to 4.99% in 2024, indicating disimprovement in
profitability relative to sales over the period till 2024.
• The Asset Turnover Ratio is remained constant from 2.6x in 2018 to 2.6x in 2024, suggesting a stability in the
level of using assets to generate revenue.
• The Equity Multiplier is decresed from 0.9x in 2018 to 0.7x in 2024, indicating a disimprovement in financial
leverage.
• The ROA decreased significantly from 14.06% in 2018 to 12.91% in 2024, indicating a disimprovement in the

Disclaimer: This report is made as a part of educational assignment and is meant for educational purpose only. The author of this report is not
liable for any losses due to action taken basis this report. It is advisable to consult SEBI registered research analyst before making any
investments