By Kosaku Narioka
Avenue Supermarts Ltd.'s second-quarter net profit dropped 38% from a year earlier due to weaker sales amid the Covid-19 pandemic, the operator of the DMart supermarket chain said Saturday.
Avenue Supermarts' net profit for the quarter ended September fell to 1.99 billion rupees ($27.1 million) from INR3.23 billion a year earlier.
On stand-alone basis, net profit was INR2.11 billion, missing the estimate of INR2.22 billion provided by a FactSet poll of analysts.
Avenue Supermarts said DMart store sales have been improving gradually but customer visits are still significantly below pre-pandemic levels.
The group's second-quarter revenue fell 11% from a year earlier to INR53.06 billion.
Write to Kosaku Narioka at firstname.lastname@example.org
(END) Dow Jones Newswires