Neutral Avenue Supermart Ltd For Target Rs.4,900 - Motilal Oswal
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DMart announced 3QFY22 revenue/store update
Revenue growth tepid at 22% YoY (6% lower than estimated)
* Tepid growth of 22% YoY below est (34% above pre-covid levels): Standalone revenues at INR90.6b grew 22% YoY (19% up QoQ), 6% lower than our estimates. (34% higher v/s precovid – 3QFY20). This is 3-4% better than last quarter (2QFY22) which was 29% above Pre-Covid.
* SSSG positive but much below estimated 10%: SSSG was low single digit (~3-4%) with nearly 31% store adds over last eight qtrs against our expectation of 10% SSSG.
Store additions very strong
* 17 store adds, better than est: Store addition remained strong with 17 store adds (v/s est 9 store adds), reaching 263 stores as of 3QFY22.
* It has now added 29 stores in 9MFY22, against our estimates of 30 stores for FY22 and company guidance of 38 store adds
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