CLSA ON AVENUE SUPERMARTS ( DMART) ; HIGH-CONVICTION OUTPERFORM | TP ₹5,723 | CMP ₹3,516.80

• Strong LFL growth of 9.5%; gross margin at 14.15%, broadly in line. • EBITDA grew 14.1% YoY with margin at 7.3%, in line with estimates. • EBITDA margin contracted 28 bps YoY due to minimum wage hikes. • PAT grew 7.6% YoY, lagging EBITDA growth. • Higher depreciation and finance costs weighed on PAT growth.

AVENUE SUPERMARTS LIMITED

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