Prabhudas Lilladher's research report on Avenue Supermarts
D’Mart 1Q results depicted impact of a strong second wave with business loss of more days (versus last year) and higher restriction on operating hours /non-essential sales. However, rising footfalls, vaccination drive, 203% sales growth in D’Mart ready and work on new store openings is positive.
Outlook
We estimate 42.3% PAT CAGR over FY21-25 and retain BUY with a DCF based target price of Rs3686 (Rs3360 earlier). 3rd covid wave in festival season is a key near term risk.
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