11th January, 2025

To,
BSE Limited The National Stock Exchange of India Ltd.
Corporate Services Department Corporate Communications Department
Phiroze Jeejeebhoy Towers, “Exchange Plaza”, 5th Floor,
Dalal Street, Bandra – Kurla Complex, Bandra (East),
Mumbai – 400 001 Mumbai – 400 051

BSE Scrip Code: 540376 NSE Scrip Symbol: DMART

Sub: Press Release

Dear Sir/ Madam,

Please find enclosed herewith Press Release dated 11th January, 2025.

Kindly take the same on your record.

Thanking you.

Yours faithfully,
For Avenue Supermarts Limited
Ashu Digitally signed by
Ashu Gupta

Gupta Date: 2025.01.11

Ashu Gupta
Company Secretary & Compliance Officer

Encl: As above
 Standalone Total Revenue up by 17.5% at Rs.15,565 Crore
Standalone PAT up by 6.5% at Rs.785 Crore
For the Quarter ended December 31, 2024 (Q3FY25):
Standalone Results
• Total Revenue stood at Rs.15,565 Crore, y-o-y growth of 17.5%
• EBITDA of Rs.1,235 Crore; y-o-y growth of 10.2%
• PAT stood at Rs.785 Crore; y-o-y growth of 6.5%
• Basic EPS for Q3FY25 stood at Rs.12.06, as compared to Rs.11.32 for Q3FY24
• 10 stores were added in Q3FY25
For the Nine Months ended December 31, 2024 (9MFY25):
• Total Revenue stood at Rs.43,327 Crore, y-o-y growth of 16.7%
• EBITDA of Rs.3,561 Crore; y-o-y growth of 12.7%
• PAT stood at Rs.2,307 Crore; y-o-y growth of 10.4%,
• Basic EPS for 9MFY25 stood at Rs.35.47, as compared to Rs.32.15 for 9MFY24
• 22 stores were added in 9MFY25

Mumbai, January 11, 2025: Avenue Supermarts Ltd. (ASL), one of the largest food & grocery retailers in India,
today declared its standalone and consolidated financial results for the quarter and nine months ended
December 31, 2024.

Standalone results

Total Revenue for the quarter ended December 31, 2024 stood at Rs.15,565 crore, as compared to Rs.13,247
crore in the same period last year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in
Q3FY25 stood at Rs.1,235 crore, as compared to Rs.1,121 crore in the corresponding quarter of last year.
EBITDA margin stood at 7.9% in Q3FY25 as compared to 8.5% in Q3FY24.

Net Profit stood at Rs.785 crore for Q3FY25, as compared to Rs.737 crore in the corresponding quarter of last
year. PAT margin stood at 5.0% in Q3FY25 as compared to 5.5% in Q3FY24.

Basic Earnings per share (EPS) for Q3FY25 stood at Rs.12.06, as compared to Rs.11.32 for Q3FY24.
Total Revenue for 9MFY25 stood at Rs.43,327 crore, as compared to Rs.37,139 crore in the same period last
year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in 9MFY25 stood at Rs.3,561
crore, as compared to Rs.3,159 crore during 9MFY24. EBITDA margin stood at 8.2% in 9MFY25 as compared
to 8.5% in 9MFY24.

Net Profit stood at Rs.2,307 crore for 9MFY25, as compared to Rs.2,091 crore in 9MFY24. PAT margin stood at
5.3% in 9MFY25 as compared to 5.6% in 9MFY24.

Basic Earnings per share (EPS) for 9MFY25 stood at Rs.35.47, as compared to Rs.32.15 for 9MFY24.

Consolidated results

Total Revenue for the quarter ended December 31, 2024 stood at Rs.15,973 crore, as compared to Rs.13,572
crore in the same period last year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in
Q3FY25 stood at Rs.1,217 crore, as compared to Rs.1,120 crore in the corresponding quarter of last year.
EBITDA margin stood at 7.6% in Q3FY25 as compared to 8.3% in Q3FY24.

Net Profit stood at Rs. 724 crore for Q3FY25, as compared to Rs. 690 crore in the corresponding quarter of last
year. PAT margin stood at 4.5% in Q3FY25 as compared to 5.1% in Q3FY24.

Basic Earnings per share (EPS) for Q3FY25 stood at Rs.11.12, as compared to Rs.10.62 for Q3FY24.

Total Revenue for 9MFY25 stood at Rs.44,486 crore, as compared to Rs.38,062 crore in the same period last
year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in 9MFY25 stood at Rs.3,532
crore, as compared to Rs.3,160 crore during 9MFY24. EBITDA margin stood at 7.9% in 9MFY25 as compared
to 8.3% in 9MFY24.

Net Profit stood at Rs.2,157 crore for 9MFY25, as compared to Rs.1,972 crore in 9MFY24. PAT margin stood at
4.8% in 9MFY25 as compared to 5.2% in 9MFY24.

Basic Earnings per share (EPS) for 9MFY25 stood at Rs. 33.15 as compared to Rs. 30.34 for 9MFY24.
D-Mart follows Everyday low cost - Everyday low price (EDLC-EDLP) strategy which aims at procuring goods at
competitive prices, using operational and distribution efficiency and thereby delivering value for money to
customers by selling at competitive prices.

Commenting on the performance of the company Mr. Neville Noronha, CEO & Managing Director, Avenue
Supermarts Limited, said:

“Our revenue for Q3 FY 2025 grew by 17.5% over the previous year. The Q3 FY 2025 same store revenue
growth for 2 years and older stores was at 8.3%.

We continue to see increased intensity in discounting in the FMCG category and the consequent impact to
high turnover per square feet stores in metro towns. However, this quarter the impact has relatively reduced
versus the previous quarter (Q2 FY 2025). We stay committed to being the most preferred value retailer to
customers in the vicinity of a DMart store or a Fulfilment centre of DMart Ready.

DMart Ready grew by 21.5% in 9 months FY 2025. In the rapidly evolving dynamics of the grocery ecommerce
market, we are seeing significantly more demand for home delivery compared to pick-up point and hence we
continue to align our business to that extent. Our home delivery business now far exceeds our pick-up point
sales contribution. We will continue to provide both channels of delivery as an option to our shoppers in select
towns. In several towns we now only operate ‘Home Delivery’ as a delivery channel.”

Leadership Transition Announcement

Avenue Supermarts Limited, the parent company of DMart, announced today that Neville Noronha will not be
offering his candidature for renewal of his role as the Managing Director and CEO at the conclusion of his
current term in January 2026 - a year from now. After more than two decades of exceptional leadership and
a glorious tenure at the helm of the business, Neville has chosen not to extend his contract. The Board of
Directors honours his decision and expresses profound gratitude for his extraordinary contribution to the
company. The Board has appointed Anshul Asawa as the CEO Designate, effective March 15th, 2025.

Neville's tenure at DMart has been defined by transformative growth, a deep commitment to operational
excellence, and the establishment of a strong corporate culture. He has built robust managerial teams,
implemented efficient systems and processes, and fostered a customer-first approach that has delivered
outstanding results for all stakeholders.

Neville joined DMart in January 2004 and has shepherded the company from its early years to its current
position as one of the largest supermarket chains of the country that serves the daily household needs of
millions of customers. A hallmark of Neville's leadership is his conviction that while business strategy is evolved
out of a complex metrics of ideas and competing claims, competent execution requires that it is articulated in
simple and precise terms. ensuring they are easy to understand and everyone across all levels in the company
is able to understand and execute it. This operating principle has defined DMart's growth and permeates
everything that the company does.
Under Neville's stewardship, DMart has reached significant milestones, including surpassing the Rs.50,000
Crore annual turnover mark and growing from 5 stores, when Neville joined the company, to more than 380
stores now. His visionary leadership, strategic foresight, and relentless focus on long-term value creation have
set the company up for continued success. The foundation laid by Neville Noronha will remain a source of
strength and inspiration.

Acknowledging Neville’s unwavering commitment to the company, Mr. C.B. Bhave, the Chairman of the Board
of Directors of Avenue Supermarts Limited, said, "I would like to place on record my appreciation of Neville's
vision and hard work in building the company to this scale today. He has demonstrated exceptional leadership
skills and dedication in his remarkably successful tenure. A leader who saw the big picture but never lost the
eye for detail, Neville made sure that growth and profits were not ends in themselves, rather they were the
by products of efficiency, fairness and customer value. The entire Board of the Company joins me in this
sentiment.”

Commenting on the new leadership, Mr. Bhave added, "I welcome Anshul to the Avenue Supermarts team
and wish him the best for taking the company to newer heights. I am confident that Anshul's rich experience
across the consumer markets, strong track record, and organization building capabilities will lead our company
to its next phase of growth."

Neville Noronha, MD & CEO, ASL commented, “I deeply appreciate the opportunity I got to serve the
business. Extremely grateful to each and every one of the early leadership team, especially those who
believed in the idea of Dmart and stayed with us for a very long time. Dmart wouldn’t be possible as it is
today without them.

I believe that Dmart is a business model that has a multidecadal runway for growth. If we stay the course of
simplicity, efficient costs, happy employees, deep value to customers and most importantly not doing anything
else, we will always remain relevant for a long time to come.

I remain committed to a smooth transition till my tenure ends and available even after that for any counsel
the company may need from time to time.”

Mr. Anshul Asawa, an IIT Roorkee and IIM Lucknow alumnus, will be joining DMart after a 30-year long stint
at Unilever where he had leadership roles overseeing the growth of product categories and developing
impactful functions in India, Asia, and Europe. He currently serves as Country Head of Unilever in Thailand and
General Manager for the Home Care business unit in Greater Asia.

During his tenure of over 15 years in India, Anshul held key leadership positions in sales, marketing and
distribution.

He led the digitisation efforts at HUL and was also at the forefront of leading product innovations for homecare
categories and sales & distribution transformations in urban and rural markets within India. He is known for
his consumer-centricity, commercial discipline, and execution focus.

Neville will support Anshul for a smooth transition over the next year as the latter joins the company in March,
2025. Anshul is expected to take over as the MD and CEO on the 1st of February, 2026, upon the completion
of Neville's term in that position.
About Avenue Supermarts Limited: (www.dmartindia.com; BSE: 540376; NSE: DMART)

Avenue Supermarts Limited is a Mumbai-based company, which owns and operates D-Mart stores. D-Mart is
a national supermarket chain that offers customers a range of home and personal products under one roof.
The Company offers a wide range of products with a focus on Foods, Non-Foods (FMCG) and General
Merchandise & Apparel product categories. The Company offers its products under various categories, such
as grocery and staples, dairy and frozen, fruits and vegetables, home and personal care, bed and bath,
crockery, footwear, toys and games, kids’ apparel, apparel for men & women and daily essentials.

The Company opened its first store in Mumbai, Maharashtra in 2002. As of December 31, 2024, the Company
had 387 operating stores with Retail Business Area of 16.1 million sq. ft across Maharashtra, Gujarat,
Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, Madhya Pradesh, Rajasthan, Punjab, NCR, Chhattisgarh
and Daman.

For More Information, Please Contact:

E: [email protected]
Ph.: +91 22 33400700
Mr. Shahab Shaikh |E: [email protected]