Last Updated: March 21, 2024, 13:28 IST
CLSA expects D-Mart’s stores to triple by financial year 2034 from the current 341
CLSA’s target is the highest on the street for Avenue Supermarts among the 26 analysts who track the stock; Check target price
Avenue Supermarts shares rose 4.4 per cent on Thursday to hit a 52-week high of Rs 4,238 on the NSE after CLSA initiated coverage on the DMart operator with a buy rating for a price target of Rs 5,107. With today’s rally, the stock has witnessed an interrupted rally over the last four sessions and risen over 8 per cent.
CLSA predicted a potential upside of 26 per cent from Wednesday’s closing levels. CLSA’s target is the highest on the street for Avenue Supermarts among the 26 analysts who track the stock.
CLSA expects Damani’s hypermarket chain D-Mart’s stores to triple by the financial year 2034 from the current 341 as the chain expands its presence in new states and those it is already present in.
Avenue Supermarts saw its shares rise for the third consecutive session on March 20, with weekly performance consistently ending positively over the past five weeks.
Over the preceding six months, Avenue Supermarts has accrued nearly a 6 per cent gain, while for the past year, the stock has surged by over 20 per cent.
Founded by Radhakishan Damani in 2002, Avenue Supermarts operates a retail empire under the D-Mart brand, with its inaugural store opening in Powai, Mumbai.
In the third quarter of fiscal year 2023-24, the D-Mart operator reported a consolidated net profit of Rs 690.41 crore, marking a 17.09 per cent increase from Rs 589.64 crore in the corresponding period last year. Additionally, consolidated revenue from operations climbed by 17.31 percent year-on-year to Rs 13,572.47 crore, compared to Rs 11,569.05 crore in the December 2022 quarter.
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