Shares of DMart plunged over 3% on Monday after the company posted its earnings for the quarter ended March.
What Happened: The company’s standalone revenue from operations stood at ₹10,337.12 crore, up 20.11% from a year ago. The retail giant added 18 stores in the quarter. The company expanded operations in 10 new cities during the financial year 2023.
The company’s EBITDA for the review quarter stood at ₹782 crore up 5.4% as compared to ₹742 crore in the corresponding quarter of last year. EBITDA margin fell to 7.6% from 8.6% in the same quarter last year.
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The company’s net profit grew 8.33% year-over-year to ₹505.21 crore. However, this was much below street expectations of around ₹550 crore. Basic earnings per share for the quarter stood at ₹7.80.
The results also failed to impress analysts. Morgan Stanley maintained its ‘equal-weight’ rating for the stock with a price target of ₹3,853. Domestic brokerage firm ICICI Securities also maintained its ‘hold’ rating for the stock revisiting the price target to ₹3,800 from ₹3,900.
Price Action: DMart share price was down 3.03% to trade at ₹3,566 in the early hours of trading on Monday.
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