Lower finance cost boosts D-Mart Q1 net 48% to Rs 175 crore

Lower interest burden helped Avenue Supermarts, that runs the D-Mart chain of supermarkets, to report a healthy 47.6 per cent jump in net profit for the June quarter at Rs 174.77 crore.

The company, which was not a publicly traded firm in the year-ago period, had a net profit of Rs 118.44 crore.

The company hit the markets with a blockbuster initial public offering (IPO) in March which was oversubscribed over 100 times and even a better listing with the stock gaining close 120 percent on debut.

The company raised over over Rs 1,870 crore through the share sale.

Its standalone income in the quarter rose to Rs 3,598.13 crore, a growth of 35.7 per cent from Rs 2,652.39 crore a year ago.

The company attributed the healthy set of number to lower finance cost.

"Profits are in line with expectation, and was driven mainly by lower interest cost burden owing to the IPO money that came in after the listing in March," Avenue Supermarts chief executive and managing director Neville Noronha told

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)