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ICICI Direct recommends reduce on Avenue Supermarts, target price Rs 1450

Reduce Avenue Supermarts Ltd. at a price target of Rs 1450.0 .

ETMarkets.com|
Updated: Sep 17, 2019, 08.32 AM IST
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ICICI Direct has recommended reduce rating on Avenue Supermarts with a target price of Rs 1450 in the long term citing new challenges ahead, while the BSE sensex closed 261.68 points down at 37,123.31.

Company Financials

For the quarter ended 30-06-2019, the company has reported consolidated sales of Rs 5814.56 crore, up 14.87% from last quarter sales of Rs 5061.65 crore and up 27.07% from last year same quarter sales of Rs 4575.79 crore. The company has reported net profit after tax of Rs 323.06 crore in the latest quarter.

Investment Rationale
Wafer thin margins and intense competition characterise the food & grocery business wherein several players still continue to struggle, said the brokerage. Over the years, D-Mart, through its proven business model, has been able to maintain consistent profitability and remains an exceptional performer in its peer group. Shares of Avenue Supermarts gained 1.82% to Rs 1,598.

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