#ROCE
In FY25, ROCE declined to 27%. The decline can be attributed to weak operational performance and exceptional item impact. During the year, it added ~9,000 retail touchpoints across the country, taking the total to 1,69,000. It also expanded the Mysuru facility from 3,00,000 KL/per annum to 6,00,000 KL/ per annum.
In FY25, ROCE declined to 27%. The decline can be attributed to weak operational performance and exceptional item impact. During the year, it added ~9,000 retail touchpoints across the country, taking the total to 1,69,000. It also expanded the Mysuru facility from 3,00,000 KL/per annum to 6,00,000 KL/ per annum.
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#SECTOR POTENTIAL
โข The domestic paint industry consisting of the decorative and industrial paint segment is estimated at over ~โน80,000 cr in FY25. The decorative paint segment constitutes 75% and industrial paint segment makes up the balance 25% of the domestic paint market. โข The Indian coatings market is projected to achieve a revenue CAGR of 7.4% over the period 2025โ2027, significantly outpacing the global coatings market, which is expected to grow at a CAGR of 3.9% during the same period. โข 75% of the Indian paint industry is dominated by the organized players and rest by the unorganized players. Increased customer awareness has led to a shift in preference from unorganized to organized players, reducing dealer influence and making it imperative to establish a strong brand image. โข The Indian paint industry, particularly the decorative segment, continued to face headwinds in FY25 due to heightened competition and subdued demand. The organized decorative paint sector recorded negative growth, impacted by intensified competition from both established and new players. Additionally, the year was marked by a slowdown in new construction activity, reduced renovation intensity, and weaker-than-expected B2B demand. Despite these headwinds, recent trends indicate early signs of recovery. โข The Indian paint industry has been witnessing a gradual shift in the preferences of customers from the traditional whitewash to high-quality paints like emulsions and enamel paints, which is providing the basic stability for growth of Indian paint industry. โข Crude oil forming an essential component of raw material for paint companies, any volatility in its price will need to be critically monitored to cushion the impact on profitability. Recently, the prices of crude oil saw a substantial decline. โข The government has applied anti-dumping duty on Rutile (titanium dioxide) originating in or exported from China. โข As per RBI (Reserve Bank of India) bulletin, rural demand is expected to continue the growth momentum and construction activity is poised to increase.
โข The domestic paint industry consisting of the decorative and industrial paint segment is estimated at over ~โน80,000 cr in FY25. The decorative paint segment constitutes 75% and industrial paint segment makes up the balance 25% of the domestic paint market. โข The Indian coatings market is projected to achieve a revenue CAGR of 7.4% over the period 2025โ2027, significantly outpacing the global coatings market, which is expected to grow at a CAGR of 3.9% during the same period. โข 75% of the Indian paint industry is dominated by the organized players and rest by the unorganized players. Increased customer awareness has led to a shift in preference from unorganized to organized players, reducing dealer influence and making it imperative to establish a strong brand image. โข The Indian paint industry, particularly the decorative segment, continued to face headwinds in FY25 due to heightened competition and subdued demand. The organized decorative paint sector recorded negative growth, impacted by intensified competition from both established and new players. Additionally, the year was marked by a slowdown in new construction activity, reduced renovation intensity, and weaker-than-expected B2B demand. Despite these headwinds, recent trends indicate early signs of recovery. โข The Indian paint industry has been witnessing a gradual shift in the preferences of customers from the traditional whitewash to high-quality paints like emulsions and enamel paints, which is providing the basic stability for growth of Indian paint industry. โข Crude oil forming an essential component of raw material for paint companies, any volatility in its price will need to be critically monitored to cushion the impact on profitability. Recently, the prices of crude oil saw a substantial decline. โข The government has applied anti-dumping duty on Rutile (titanium dioxide) originating in or exported from China. โข As per RBI (Reserve Bank of India) bulletin, rural demand is expected to continue the growth momentum and construction activity is poised to increase.
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#FUTURE #OUTLOOK
โข The company is investing towards VAM (vinyl acetate monomer) and VAE (vinyl acetate ethylene emulsion) in Dahej, Gujarat. Capex towards the same is โน3,250 cr. This shall be partially operational by March-April 2026 and fully operational by April 2027. โข A white cement plant is being set up in Fujairah, Dubai with an annual production capacity of ~2.75 lakh tonnes. The plant is expected to be operational by June 2025. โข Towards the greenfield water-based paint manufacturing facility (Madhya Pradesh) with a capacity of 4 lakh kl per annum, the management stated that it has completed land acquisition (~166 acres); the statutory approval process is work in progress and they are targeting completion by CY28. The investment towards this would be ~โน2,000 cr. โข The brownfield expansion in Ankleshwar, Gujarat is ongoing and will increase the plantโs capacity from 1,30,000 kilolitres (KL) in FY25 to 2,50,000 KL per annum. โข On 14th February 2025, Asian Paints International Private Limited (APIPL), Singapore, a wholly-owned subsidiary, along with PTAPI (PT Asian Paints Indonesia) and PTAPCI (PT Asian Paints Color Indonesia), entered a share purchase agreement with Berger Paints Singapore Pte Limited, Singapore, for the sale of 100% stake in PTAPI and PTAPCI for consideration of SGD 7.5 million (~โน48 cr). The loss arising from the divestment was recorded as exceptional item in Q4 FY25. โข The company aims to be in the top 2 player in the international markets, including Bangladesh and Sri Lanka. โข Going forward, the B2B segment is expected to increase coupled with uptick in mid-luxury housing.
โข The company is investing towards VAM (vinyl acetate monomer) and VAE (vinyl acetate ethylene emulsion) in Dahej, Gujarat. Capex towards the same is โน3,250 cr. This shall be partially operational by March-April 2026 and fully operational by April 2027. โข A white cement plant is being set up in Fujairah, Dubai with an annual production capacity of ~2.75 lakh tonnes. The plant is expected to be operational by June 2025. โข Towards the greenfield water-based paint manufacturing facility (Madhya Pradesh) with a capacity of 4 lakh kl per annum, the management stated that it has completed land acquisition (~166 acres); the statutory approval process is work in progress and they are targeting completion by CY28. The investment towards this would be ~โน2,000 cr. โข The brownfield expansion in Ankleshwar, Gujarat is ongoing and will increase the plantโs capacity from 1,30,000 kilolitres (KL) in FY25 to 2,50,000 KL per annum. โข On 14th February 2025, Asian Paints International Private Limited (APIPL), Singapore, a wholly-owned subsidiary, along with PTAPI (PT Asian Paints Indonesia) and PTAPCI (PT Asian Paints Color Indonesia), entered a share purchase agreement with Berger Paints Singapore Pte Limited, Singapore, for the sale of 100% stake in PTAPI and PTAPCI for consideration of SGD 7.5 million (~โน48 cr). The loss arising from the divestment was recorded as exceptional item in Q4 FY25. โข The company aims to be in the top 2 player in the international markets, including Bangladesh and Sri Lanka. โข Going forward, the B2B segment is expected to increase coupled with uptick in mid-luxury housing.
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Asian Paints 2200-2400
Expected level 3000
Support 1900
Expected level 3000
Support 1900
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Sunteck Realty Ltd Company Details Report
Sunteck Realty Ltd is one of the fastest growing real estate development companies of the country based in Mumbai. SRL has its own in-house project management team and strategic tie-ups with domestic/international contractors, architects, engineers and brand partners. The company focuses on designing, developing, and managing commercial and premium residentials. The company focuses on a city centric development well spread-out across Mumbai Metropolitan Region (MMR). It has acquired more than 50 million sq ft with a Gross Developmental Value (GDV) of โน39,370 cr. The company has entered into various Joint development agreement (JDA) projects which has helped the company better manage its financials in a disciplined manner and remain asset light. The company has 50:50 JV with Piramal Realty called Piramal Sunteck Realty Pvt Ltd which was formed in 2007. Sunteck offers 6 brands under the name of Signature (Uber Luxury Residencies raging from โน30 cr - โน40 cr), Signia (Uber Luxury Residencies raging from โน5 cr - โน20 cr), Sunteck City, Sunteck Beach Residences and Sunteck Sky Park (Upper - Mid Income Large mixed-use development between โน1 cr - โน3 cr), Sunteck World (Lower Mid Income between โน25 lac - โน1.25 cr) & Sunteck (Commercial) which allows them to be present across pricing spectrum.
It is focusing on middle income and aspirational group where they intend to offer well designed and quality apartments the pre-sales mix also reflects. The company follows project completion method of revenue recognition as per IND AS 115 where presales and collections are based on bookings and customer advances. Presales convert to revenue at project completion. The collections for FY25 were โน1,255 cr of which โน421 cr came from Uber luxury, โน294 cr from Premium luxury, โน435 cr from Aspirational luxury and others at โน105 cr.
Sunteck Realty Ltd is one of the fastest growing real estate development companies of the country based in Mumbai. SRL has its own in-house project management team and strategic tie-ups with domestic/international contractors, architects, engineers and brand partners. The company focuses on designing, developing, and managing commercial and premium residentials. The company focuses on a city centric development well spread-out across Mumbai Metropolitan Region (MMR). It has acquired more than 50 million sq ft with a Gross Developmental Value (GDV) of โน39,370 cr. The company has entered into various Joint development agreement (JDA) projects which has helped the company better manage its financials in a disciplined manner and remain asset light. The company has 50:50 JV with Piramal Realty called Piramal Sunteck Realty Pvt Ltd which was formed in 2007. Sunteck offers 6 brands under the name of Signature (Uber Luxury Residencies raging from โน30 cr - โน40 cr), Signia (Uber Luxury Residencies raging from โน5 cr - โน20 cr), Sunteck City, Sunteck Beach Residences and Sunteck Sky Park (Upper - Mid Income Large mixed-use development between โน1 cr - โน3 cr), Sunteck World (Lower Mid Income between โน25 lac - โน1.25 cr) & Sunteck (Commercial) which allows them to be present across pricing spectrum.
It is focusing on middle income and aspirational group where they intend to offer well designed and quality apartments the pre-sales mix also reflects. The company follows project completion method of revenue recognition as per IND AS 115 where presales and collections are based on bookings and customer advances. Presales convert to revenue at project completion. The collections for FY25 were โน1,255 cr of which โน421 cr came from Uber luxury, โน294 cr from Premium luxury, โน435 cr from Aspirational luxury and others at โน105 cr.
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#SALES #GROWTH
In FY25, the company registered a revenue of โน853 cr backed by revenue recognition of Sunteck World projects and BKC (Bombay Kurla Complex) projects. They have launched a new phase at their Naigaon project in Sunteck UltraWorld with a potential GDV (gross developmental value) of โน600 crore. The launch price is ~โน10,000 per sq. ft. The total business development GDV (gross developmental value) for the company stands at ~โน40,000 crore, which has more than doubled in the last 2 years. In FY24, the Uber Luxury project at BKC generated sales of โน245 cr worth of stock v/s โน200 cr of stock sold together in last 3 years. Pre-sales for the year was lower than their guidance of ~โน2,000 cr due to delay in launch of new tower at Mira Road. The revenue registered during the year was โน565 cr. The company recognized revenue to the tune of โน284 cr from Sunteck Maxxworld at Naigaon with project level margin of 30%.
In FY25, the company registered a revenue of โน853 cr backed by revenue recognition of Sunteck World projects and BKC (Bombay Kurla Complex) projects. They have launched a new phase at their Naigaon project in Sunteck UltraWorld with a potential GDV (gross developmental value) of โน600 crore. The launch price is ~โน10,000 per sq. ft. The total business development GDV (gross developmental value) for the company stands at ~โน40,000 crore, which has more than doubled in the last 2 years. In FY24, the Uber Luxury project at BKC generated sales of โน245 cr worth of stock v/s โน200 cr of stock sold together in last 3 years. Pre-sales for the year was lower than their guidance of ~โน2,000 cr due to delay in launch of new tower at Mira Road. The revenue registered during the year was โน565 cr. The company recognized revenue to the tune of โน284 cr from Sunteck Maxxworld at Naigaon with project level margin of 30%.
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#EBITDA #GROWTH
In FY25, the EBITDA was โน185.8 cr. In FY24, the company reported an EBITDA of โน117.3 cr. Cost of construction and development contributes the highest of the total expense which majorly includes Land and development rights, contracting costs, Liaisoning and approval costs, design and consultancy fees. Whereas in case of other expenses, Advertisement and brokerage, legal and professional fees, rates and taxes and facility management are the major contributors.
In FY25, the EBITDA was โน185.8 cr. In FY24, the company reported an EBITDA of โน117.3 cr. Cost of construction and development contributes the highest of the total expense which majorly includes Land and development rights, contracting costs, Liaisoning and approval costs, design and consultancy fees. Whereas in case of other expenses, Advertisement and brokerage, legal and professional fees, rates and taxes and facility management are the major contributors.
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#EBITDA #MARGIN
The company has project EBITDA margin at ~35% and 15%-20% in the affordable segment which presently stands at 25%-30%. Because of following project completion method, expenses are accounted in the current year itself irrespective of the project getting completed or not. The EBITDA margin for FY25 was 21.8%.
The company has project EBITDA margin at ~35% and 15%-20% in the affordable segment which presently stands at 25%-30%. Because of following project completion method, expenses are accounted in the current year itself irrespective of the project getting completed or not. The EBITDA margin for FY25 was 21.8%.
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#SECTOR #POTENTIAL
โข The real estate market in India has grown by 11.3% CAGR from 2008 to 2020. It is expected to reach $1,000 bn by 2030. By 2025 end, the sector would contribute ~13% to Indiaโs GDP. โข In 2024, saleable area supply stood at 609 msf while absorption was 588 msf. In value terms, supply was โน5.3 lakh cr & absorption was โน5.7 lakh cr. In terms of supply of units amongst top 7 cities, MMR has an average share of 31% from 2019-2024. โข The share of affordable segment (less than โน40 lakh) has declined from 30% in 2020 to 16% in 2024. The combined share of midend (โน40-โน80 lakh) & high-end (โน80 lakh-โน1.5 cr) was 61% in 2020, which has moved down to 51% in 2024, with mid-end declining and high-end rising. The share of luxury (โน1.5-โน2.5 cr) and ultra-luxury (โน2.5 cr+) rose from 6% and 3%, respectively in 2020 to 14% and 17%. โข Mumbai, being the largest real estate market in the country is set for a major boom, which will further add to the overall surge. A new coastal road, a metro rail and a trans harbor link are among the many ongoing infrastructure projects that are meant to transform Indiaโs commercial capital into a modern and efficient city. As these projects complete over the next few years, new micro markets will open in and around Mumbai, as commuting would become easier. That will boost real estate development further. โข Sales: Residential sales across Indiaโs top 7 cities declined by 28% YoY in Q1 2025 to ~93,300 units, impacted by price resistance and geopolitical uncertainties. โข Launches: New launches stood at ~1,00,000 units, down 10% YoY, with a strong tilt toward premium and luxury segments in Q1 2025. โข Inventory: Despite slower sales, available inventory fell 4% YoY to ~5.6 lakh units, indicating healthy absorption in select markets Q1 2025 for top 7 cities of India.
โข The real estate market in India has grown by 11.3% CAGR from 2008 to 2020. It is expected to reach $1,000 bn by 2030. By 2025 end, the sector would contribute ~13% to Indiaโs GDP. โข In 2024, saleable area supply stood at 609 msf while absorption was 588 msf. In value terms, supply was โน5.3 lakh cr & absorption was โน5.7 lakh cr. In terms of supply of units amongst top 7 cities, MMR has an average share of 31% from 2019-2024. โข The share of affordable segment (less than โน40 lakh) has declined from 30% in 2020 to 16% in 2024. The combined share of midend (โน40-โน80 lakh) & high-end (โน80 lakh-โน1.5 cr) was 61% in 2020, which has moved down to 51% in 2024, with mid-end declining and high-end rising. The share of luxury (โน1.5-โน2.5 cr) and ultra-luxury (โน2.5 cr+) rose from 6% and 3%, respectively in 2020 to 14% and 17%. โข Mumbai, being the largest real estate market in the country is set for a major boom, which will further add to the overall surge. A new coastal road, a metro rail and a trans harbor link are among the many ongoing infrastructure projects that are meant to transform Indiaโs commercial capital into a modern and efficient city. As these projects complete over the next few years, new micro markets will open in and around Mumbai, as commuting would become easier. That will boost real estate development further. โข Sales: Residential sales across Indiaโs top 7 cities declined by 28% YoY in Q1 2025 to ~93,300 units, impacted by price resistance and geopolitical uncertainties. โข Launches: New launches stood at ~1,00,000 units, down 10% YoY, with a strong tilt toward premium and luxury segments in Q1 2025. โข Inventory: Despite slower sales, available inventory fell 4% YoY to ~5.6 lakh units, indicating healthy absorption in select markets Q1 2025 for top 7 cities of India.
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#COMPANY #OUTLOOK
โข In a significant move to address the acute affordable and mid-income housing shortage in India, IFC and Sunteck Realty are partnering to create a joint platform with a total investment of up to โน750 cr (US$90 million) to promote the development of nearly 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR) in the state of Maharashtra. IFC's proposed investment is for up to โน330 cr. โข The project at Burj Khalifa Community, Downtown, Dubai is likely to be launched in next 12-15 months. It has a potential of over โน9,000 crore of gross development value (GDV). The investment in the project is ~โน250 crore for 50% of the profit share. The total cost of the project is ~โน2,000 crore. The project will be completed in 3-4 years. ft. โข They are also gearing up to launch a project in Bandra West with a GDV of โน1,000 crore. This is expected to be launched in FY26. โข It will focus to grow their GDV value i.e., double this in every 3 years. In FY24, their GDV pipeline was of โน26,465 crore which is expected to double to ~โน52,930 crore by FY27. Currently their GDV value pipeline is at โน40,225 crore. โข The company has added Nepean Sea Project - 2 with a GDV (gross developmental value) of โน2,400 crore. This takes up the total GDV of Nepean Sea Project to โน5,400 crore. They expect this GDV potential to grow further. The total area is 2,50,00-2,70,000 sq. โข They are preparing for a new tower launch in Sunteck Sky Park at Mira Road (GDV of โน700 crore) and Sunteck Beach Residences (GDV of โน400-โน450 crore), Sunteck Niagaon with a GDV value of โน350 crore in FY26. โข The company aims to sustain pre-sales growth and improved margins in FY26, with plans to launch the Dubai project by late FY26 or early FY27 and formally unveil the โน5,400 crore GDV Nepean Sea project.
โข In a significant move to address the acute affordable and mid-income housing shortage in India, IFC and Sunteck Realty are partnering to create a joint platform with a total investment of up to โน750 cr (US$90 million) to promote the development of nearly 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR) in the state of Maharashtra. IFC's proposed investment is for up to โน330 cr. โข The project at Burj Khalifa Community, Downtown, Dubai is likely to be launched in next 12-15 months. It has a potential of over โน9,000 crore of gross development value (GDV). The investment in the project is ~โน250 crore for 50% of the profit share. The total cost of the project is ~โน2,000 crore. The project will be completed in 3-4 years. ft. โข They are also gearing up to launch a project in Bandra West with a GDV of โน1,000 crore. This is expected to be launched in FY26. โข It will focus to grow their GDV value i.e., double this in every 3 years. In FY24, their GDV pipeline was of โน26,465 crore which is expected to double to ~โน52,930 crore by FY27. Currently their GDV value pipeline is at โน40,225 crore. โข The company has added Nepean Sea Project - 2 with a GDV (gross developmental value) of โน2,400 crore. This takes up the total GDV of Nepean Sea Project to โน5,400 crore. They expect this GDV potential to grow further. The total area is 2,50,00-2,70,000 sq. โข They are preparing for a new tower launch in Sunteck Sky Park at Mira Road (GDV of โน700 crore) and Sunteck Beach Residences (GDV of โน400-โน450 crore), Sunteck Niagaon with a GDV value of โน350 crore in FY26. โข The company aims to sustain pre-sales growth and improved margins in FY26, with plans to launch the Dubai project by late FY26 or early FY27 and formally unveil the โน5,400 crore GDV Nepean Sea project.
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Sunteck Realty 350-410
Expected level 530
Support 300
Expected level 530
Support 300
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๐ชDmart company details report
Avenue Supermarts Limited is a Mumbai-based company, which owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof. The company offers a wide range of products with a focus on Foods, Non-Foods (FMCG) and General Merchandise & Apparel product categories. The company offers its products under various categories, such as grocery and staples, dairy and frozen, fruits and vegetables, home and personal care, bed and bath, crockery, footwear, toys and games, kids apparel, apparel for men & women and daily essentials. D-Mart was started by Mr. Radhakishan Damani and his family to address the growing needs of the Indian family. The company pened its first store in Mumbai, Maharashtra in 2002. As of 31* March 2024, the company had 365 operating stores. It has retail business area of 15.15 million sq. ft. across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya 'radesh, Rajasthan, National Capital Region (NCR), Chhattisgarh and Punjab. The company had 39 distribution centers and 7 packing centers. Under DMart Ready (e-commerce) business, the company is now operating in 23 cities as of 31st March 2024. the company has 5 subsidiaries as on 31st March 2024, i.e., Avenue E-Commerce Ltd., Align Retail Trades Pvt. Ltd., Nahar Seth & Jogan Developers Pvt. Ltd., Avenue Food Plaza Pvt. Ltd. and Reflect Healthcare and Retail Pvt. Ltd
Avenue Supermarts Limited is a Mumbai-based company, which owns and operates D-Mart stores. D-Mart is a national supermarket chain that offers customers a range of home and personal products under one roof. The company offers a wide range of products with a focus on Foods, Non-Foods (FMCG) and General Merchandise & Apparel product categories. The company offers its products under various categories, such as grocery and staples, dairy and frozen, fruits and vegetables, home and personal care, bed and bath, crockery, footwear, toys and games, kids apparel, apparel for men & women and daily essentials. D-Mart was started by Mr. Radhakishan Damani and his family to address the growing needs of the Indian family. The company pened its first store in Mumbai, Maharashtra in 2002. As of 31* March 2024, the company had 365 operating stores. It has retail business area of 15.15 million sq. ft. across Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya 'radesh, Rajasthan, National Capital Region (NCR), Chhattisgarh and Punjab. The company had 39 distribution centers and 7 packing centers. Under DMart Ready (e-commerce) business, the company is now operating in 23 cities as of 31st March 2024. the company has 5 subsidiaries as on 31st March 2024, i.e., Avenue E-Commerce Ltd., Align Retail Trades Pvt. Ltd., Nahar Seth & Jogan Developers Pvt. Ltd., Avenue Food Plaza Pvt. Ltd. and Reflect Healthcare and Retail Pvt. Ltd
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#Sales Growth
FY24, the sales grew by 18.6% YoY to โน50,789 led by increase in bill cuts, like for like growth (two years and older stores) and store additions.
During the year, the total number of bill cuts increased by 17% YoY to 30.3 cr (v/s 25.8 cr in FY23) and like for like growth was 9.9% YoY. D-Mart added 41 stores in FY24.
The growth is expected to continue supported by new stores addition and maturing of older stores.
In FY23, the sales stood at โน42,840 cr (v/s โน30,976 cr in FY22), i.e., a growth of 38% YoY on account of low base (because of Covid 2nd wave impact in Q1 FY22), recovery In footfalls, higher price of products and supported by new stores addition.
During the year, the total number of bill cuts were 25.8 cr (v/s 18.1 cr in FY22) and the like for like growth was 24.2%
5 Year CAGR: 20.5%
FY24, the sales grew by 18.6% YoY to โน50,789 led by increase in bill cuts, like for like growth (two years and older stores) and store additions.
During the year, the total number of bill cuts increased by 17% YoY to 30.3 cr (v/s 25.8 cr in FY23) and like for like growth was 9.9% YoY. D-Mart added 41 stores in FY24.
The growth is expected to continue supported by new stores addition and maturing of older stores.
In FY23, the sales stood at โน42,840 cr (v/s โน30,976 cr in FY22), i.e., a growth of 38% YoY on account of low base (because of Covid 2nd wave impact in Q1 FY22), recovery In footfalls, higher price of products and supported by new stores addition.
During the year, the total number of bill cuts were 25.8 cr (v/s 18.1 cr in FY22) and the like for like growth was 24.2%
5 Year CAGR: 20.5%
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#EBITDA #GROWTH
In FY24, the EBITDA grew by 12.8% YoY to โน4,104 cr. The growth was partly offset by increase in contribution of lower margin foods business in the total sale mix, increase in employee expense
During the year, DMart continued to witness lower contribution from general merchandise & apparel (GM&A) business in the total sales mix.
In FY23, the EBITDA stood at โน3,637 cr (v/s โน2,499 cr in FY22), i.e., a growth of 46% YoY because of increase in scale of operation through store addition.
During the year, the FMCG and staples segment had performed better than the general merchandise and apparel segments. The general merchandise & apparel product category mainly impacted due to inflation.
5 Year CAGR: 20.2%
In FY24, the EBITDA grew by 12.8% YoY to โน4,104 cr. The growth was partly offset by increase in contribution of lower margin foods business in the total sale mix, increase in employee expense
During the year, DMart continued to witness lower contribution from general merchandise & apparel (GM&A) business in the total sales mix.
In FY23, the EBITDA stood at โน3,637 cr (v/s โน2,499 cr in FY22), i.e., a growth of 46% YoY because of increase in scale of operation through store addition.
During the year, the FMCG and staples segment had performed better than the general merchandise and apparel segments. The general merchandise & apparel product category mainly impacted due to inflation.
5 Year CAGR: 20.2%
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