Avenue Supermarts shares jump nearly 11 % as Q2 profit of RK Damani's firm rises two-fold

Shares of Avenue Supermarts on Monday jumped nearly 11 per cent after the company reported a two-fold increase in its consolidated net profit for the second quarter ended September 2021.

The stock zoomed 10.69 per cent to its 52-week high of Rs 5,899.90 on BSE. On NSE, it rallied 10.82 per cent to its 52-week high of Rs 5,900.

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Avenue Supermarts, which owns and operates retail chain D-Mart, on Saturday reported a two-fold increase in its consolidated net profit to Rs 417.76 crore for the second quarter ended September 2021.

The company had posted a net profit of Rs 198.53 crore in the July-October quarter a year ago, Avenue Supermarts said in a BSE filing.

Its revenue from operations was up 46.79 per cent to Rs 7,788.94 crore during the quarter under review as against Rs 5,306.20 crore in the corresponding quarter of the last fiscal.

Total expenses were at Rs 7,248.74 crore, up 43.63 per cent in the second quarter of 2021-22 as against Rs 5,046.69 crore of the year-ago quarter.

"Total revenue for H1FY22 stood at Rs 12,972 crore, as compared to Rs 9,189 crore in the same period last year," the company said.