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May, 19 2018

Radhakishan Damani to sell Avenue Supermarts shares worth 62L

Avenue Supermarts (D-Mart) on Saturday reported 72.9 per cent year-on-year (YoY) rise in net profit at Rs 167 crore for the March quarter.

Parent of D-mart, Avenue Supermarts plunged over 5 per cent on Friday afternoon after a financial daily confirmed Radhakishan Damani, the founder’s plan to sell the stake in the company.

Damani will offload 62.40 lakh shares, or 1 per cent equity, between May 21 and June 14, according to the report. He will sell shares to achieve the minimum public shareholding requirement.

The scrip was trading 5.23 per cent down at Rs 1,417 at around 1.18 pm whereas benchmark BSE Sensex dropped 217 points, or 0.62 per cent, at 34,931.

At current price of Rs 1,400 per share, the value of 1 percent equity of Avenue Supermarts stands at over Rs 850 crore.

The promoter and promoter group held 82.20 per cent stake in the company as of March 31, 2018.

Avenue Supermarts (D-Mart) on Saturday reported 72.9 per cent year-on-year (YoY) rise in net profit at Rs 167 crore for the March quarter.

The food & grocery retailer reported Rs 97 crore profit in the year-ago quarter.

Total revenue for the quarter came in at Rs 3,810 crore, up 22.5 per cent YoY. The company had clocked Rs 3,111 crore sales in the same period last year.

For the quarter rose to Rs 294 crore in March quarter from Rs 208 crore in the corresponding quarter of last year. Ebitda margin improved to 7.7 per cent from 6.7 per cent in the year-ago quarter.

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