DMart share price’s five straight sessions gaining streak was halted on Wednesday as the company released its business updates for Q4FY23.
What Happened: Avenue Supermarts -the company that owns DMart- released its quarterly updates late on Wednesday. In a regulatory filing, the company said that its standalone revenue from operations grew around 20% year-over-year to ₹10,337.12 crore. Revenue is however down around 8.5% from the ₹11,304.58 crore number the company did in the December quarter.
The retail giant also informed that the total number of stores at the end of this quarter stood at 324. The company added around 18 new stores this quarter as the number of stores at the end of December quarter stood at 306.
However, analysts seem unimpressed by the numbers. Citi maintained its ‘sell’ rating for the stock with a price target ₹3,460. The analyst firm said that investors need to be cautious at current valuations keeping in mind the risks around earnings and margins. Morgan Stanley also maintained its ‘equal-weight’ rating for the stock with a target price of ₹3,853.
Price Action: Dmart share price was down 1.87% to trade at ₹3,585.90 as the markets opened on Thursday.
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