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D-Mart

DMart is a one-stop supermarket chain that offers a wide range of basic home and personal products at competitive
DMart is known for its efficient operations, customer-friendly approach, and wide selection of products. Avenue su
Mumbai.They operates in in the retail industry and currently they have 330 stores across India.
Their vison and misiion are:
Vision: To be the most prefered retailer in India by offering the best value money to our customers
Mission: At DMart, we research, identify and make available new products and categories that suit the everyday n
customers, so that every rupee they spend on shopping with us gives them more value for money than they would

They have listed in Both NSE and BSE. The share price of Avenue supermarts ltd is 3549.25. The market capitaliz
India.

The main ratios of Avenue super marts in the Financial year 2023 are:
Profitability ratios:
Profit before interest and tax (PBIT) margin: 7.30%
Net profit margin: 5.55%
Return on equity (ROE): 14.79%
Return on capital employed (ROCE): 18.79%
Return on assets (ROA): 13.13%
Liquidity ratios:
Current ratio: 3.71
Quick ratio: 1.50
Debt ratios:
Total debt to equity ratio: 0.04
Asset turnover ratio: 2.56

ESG Practises:
They have a school excellence program through which we aim to develop infrastructure , improve educational faci
D mart work with these schools and seek to implement better teaching facilities (such as libraries & science labs) a
organisations. and hope to improve the quality of education and provide children with better education and develop
Our constant focus on educating the citizens of tomorrow has seen strong progress in the current year. In FY 2018-
themselves for a better tomorrow. Our intent is to continue working towards foundational learning among the stude
They have a school excellence program through which we aim to develop infrastructure , improve educational faci
D mart work with these schools and seek to implement better teaching facilities (such as libraries & science labs) a
organisations. and hope to improve the quality of education and provide children with better education and develop
Our constant focus on educating the citizens of tomorrow has seen strong progress in the current year. In FY 2018-
themselves for a better tomorrow. Our intent is to continue working towards foundational learning among the stude
onal products at competitive prices. The company's stores are located in urban and semi-urban areas across India.
ction of products. Avenue supermarts have founded in 2002 by Radhakrishnan Damani which is headquartered in
ss India.

ur customers
ories that suit the everyday needs of the Indian family. Our mission is to provide the best value possible for our
for money than they would get anywhere else.

49.25. The market capitalization of D mart as of now is $27.7billion. They are the 15th most valuable company in

e , improve educational facilities and work towards sustainable progress in public schools in selected wards of Mumbai
as libraries & science labs) and develop infrastructure (such as toilets and playgrounds) by working with partner
better education and development opportunities.
he current year. In FY 2018-19, They have aided more than 95,000 students and helped them in their goal of educating
nal learning among the students leading to basic grade specific student learning outcomes.
e , improve educational facilities and work towards sustainable progress in public schools in selected wards of Mumbai
as libraries & science labs) and develop infrastructure (such as toilets and playgrounds) by working with partner
better education and development opportunities.
he current year. In FY 2018-19, They have aided more than 95,000 students and helped them in their goal of educating
nal learning among the students leading to basic grade specific student learning outcomes.
across India.
dquartered in

le for our

e company in

d wards of Mumbai
with partner

goal of educating
d wards of Mumbai
with partner

goal of educating
INR Crore 2016 2017 2018 2019 2020 2021
Assets
Non-current assets
Property, plant and equipment 2,061 2,515 3,234 4,205 5,107 5,939
Capital work-in-progress 82 153 147 377 364 1,020
Right to use assets 717 960
Intangible assets 4 6 6 10 28 22
Investment property 14 27 16 18 17 10
Financial assets
Goodwill 78 78
Investments 16 37 130 212
Other financial assets 29 45 48 36 3,123 1,109
Current Tax Assets Net 2 - - - 9 2
Other non-current assets 84 50 85 110 285 455
Total non current assets 2,292 2,833 3,666 4,968 9,728 9,594
Current assets -
Inventories 660 933 1,147 1,576 1,948 2,248
Investments - - 52 - 15 3
Trade receivables 8 21 33 75 20 44
Cash and cash equivalents 32 30 64 120 106 191
Bank balances other than above 1 1,851 492 93 2 1,254
Loans 1 1 -
Other Financial Assets 40 74 78 59 109 168
Other current assets 48 58 80 105 149 153
Current Tax Assets - - -
Total current assets 790 2,968 1,946 2,028 2,349 4,061
Total assets 3,082 5,801 5,612 6,996 12,076 13,655
Liabilities -
Equity -
Equity Share Capital 562 624 624 624 648 648
Other Equity 950 3,213 4,019 4,970 10,432 11,536
Total Equity 1,512 3,837 4,643 5,594 11,080 12,184
2022 2023

7,770 9,726
1,129 829
1,389 1,505
14 23
9 9

78 78

1,263 109
4 19
374 360
12,030 12,658

2,743 3,243
6 202
67 62
95 207
203 1,201

127 317
201 215

3,443 5,448
15,472 18,106

648 648
13,030 15,430
13,678 16,079
Income statement (all values in INR Crore) 2016 2017 2018 2019 2020 2021
Revenue from Operations 8,575 11,881 15,009 19,916 24,870 24,143
Other income 20 31 73 51 60 196
Total Income 8,595 11,912 15,082 19,967 24,930 24,339
Expenses Merchandise
Purchase of stock-in-trade 7,444 10,369 12,863 17,409 21,442 20,856

Changes in inventories of finished goods,


stock-in-trade and work-in-progress (130) (273) (214) (429) (339) (301)
Employee benefits expense 146 189 277 335 456 537
Finance costs 91 122 59 47 69 42
Depreciation and amortisation expense 97 126 155 199 374 414
Other expenses 458 632 746 959 1,183 1,309
Total expenses 8,106 11,165 13,886 18,520 23,185 22,856
Profit before exceptional item and tax 489 747 1,196 1,447 1,745 1,483
Exceptional items - - - -
Profit before tax 489 747 1,196 1,447 1,745 1,483
Tax expense - - -
Current tax 161 251 417 501 460 394.69
Deferred tax 9 12 (5) 18 (16) 3.17
Income tax for earlier year (net) 0 2 (0) (8) 0.02 (14)
Total tax 171 265 411 511 444 384
Profit for the year 318 482 785 936 1,301 1,099
2022 2023
30,976 42,840
117 129
31,094 42,969
Merchandise
26,892 36,885

(494) -501
616 747
54 67
498 639
1,464 2,072
29,030 39,909
2,064 3,060

2,064 3,060

546 808
12 13
13 -139
572 682
1,492 2,378
Particulars Unit of measurement 2016 2017
Number of stores Number 110 131
Increase Number 21
Area per store Million square feet 30000 31297.709923664
Total Buisness Area Million square feet 3.3 4.1
Area added Million square feet 0.8
Bill cuts Crores 8.5 10.9
Bill cut per store Number 772727.27272727 832061.06870229
Change in per store percentage 7.7%
Change in Area per store percentage 4.3%

Revenue Drivers

Particulars Unit of measurements 2016 2017


Revenue from operations Crore 8575 11881
Revenue per square feet Crore 25984.8 28978.0
Change in revenue per square feet percentage 11.52%
Revenue per bill cut crore 1008.82 1090.00
Change in revenue per bill cut percentage 8.05%
Revenue per store crore 77.95 90.69
Change in revenue per store percentage 16.34%

Cost Drivers

Particulars Unit of measurements 2016 2017


Stock in Trade crore 7444 10369
stock in trade as percentage of sales Percentage 86.81% 87.27%
Employee Cost crore 146 189
employee cost as a percentage of sales Percentage 1.70% 1.59%
Other expenses crore 458 632
Other expense as a percentage of sales Percentage 6.15% 6.10%
other expense per store crore 4.16 4.82

Assumptions

The number od store expansion had taken based on the moving average basis of last 4 years
2018 2019 2020 2021 2022
155 176 214 234 284
24 21 38 20 50
31612.903225807 33522.727272727 36448.598130841 37606.837606838 40492.957746479
4.9 5.9 7.8 8.8 11.5
0.8 1 1.9 1 2.7
13.4 17.2 20.1 15.2 18.1
864516.12903226 977272.72727273 939252.3364486 649572.64957265 637323.94366197
3.9% 13.0% -3.9% -30.8% -1.9%
1.0% 6.0% 8.7% 3.2% 7.7%

2018 2019 2020 2021 2022


15009 19916 24870.2 24143.06 30976.27
30630.6 33755.9 31884.9 27435.3 26935.9
5.70% 10.20% -5.54% -13.96% -1.82%
1120.07 1157.91 1237.32 1588.36 1711.40
2.76% 3.38% 6.86% 28.37% 7.75%
96.83 113.16 116.22 103.18 109.07
6.77% 16.86% 2.70% -11.22% 5.71%

2018 2019 2020 2021 2022


12863 17409 21442 20856 26892
85.70% 87.41% 86.21% 86.38% 86.81%
277 335 456.1 536.57 616.21
1.85% 1.68% 1.83% 2.22% 1.99%
746 959 1183 1309 1464
5.80% 5.51% 5.52% 6.28% 5.44%
4.81 5.45 5.53 5.59 5.16
2023 2024 2025 2026 2027 2028 2029
324 360 397 439 476 514 553
40 36 37 42 38 38 39
41358.024691358 43425.925926 45597.2222 47877.08333 50270.9375 52784.48438 55423.70859
13.4 15.63 18.09 21.00 23.94 27.15 30.66
1.9 2.23 2.45 2.92 2.94 3.21 3.50
25.8 31.53 38.22 46.49 55.52 65.97 78.04
796296.2962963 875925.926 963518.519 1059870.370 1165857.407 1282443.148 1410687.463
24.9% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
2.1% 6% 6% 6% 6% 6% 6%

2023 2024 2025 2026 2027 2028 2029


42839.56
31969.8 34527.406567 37289.5991 40272.76702 43494.58838 46974.15545 50732.08789
18.69% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%
1660.45
-2.98%
132.22
21.22%

2023
36885
86.10%
746.97
1.74%
2072
5.62%
6.39
2030 2031 2032
592 631 669
39 38 39
58194.89402 61104.63872 64159.87066
34.48 38.53 42.95
3.82 4.06 4.41
91.93 107.64 125.68
1551756.209 1706931.830 1877625.013
10.0% 10.0% 10.0%
6% 6% 6%

2030 2031 2032

54790.65492 59173.90731 63907.8199


8.00% 8.00% 8.00%
Expenses
Particulars Unit of Measurement 2016
Stock in Trade INR Crores 7444
Stock in Trade as Percentage of Sales Percentage 86.81%

Employee Cost INR Crores 146


Employee Cost as a Percentage of Sales Percentage 1.70%

Other Expenses INR Crores 458


Other Expenses as a Percentage of Sales Percentage 5.34%
Other Expenses per Store INR Crores 4.16

Working Capital Drivers


Particulars Unit of Measurement 2016
Non-Cash Current Asset
Inventory INR Crores 660
Investments INR Crores 0
Trade Receivables INR Crores 8
Other Financial Assets INR Crores 40
Other Current Assets INR Crores 48
Total 756

In Terms of Day Sales


Inventory Days 28
Investments Days 0
Trade Receivables Days 0
Other Financial Assets Days 2
Other Current Assets Days 2

Non-Cash Current Liabilities


Trade Payables INR Crores 201
Other Current Financial Liabilities INR Crores 254
Other Current liabilities INR Crores 19
Provisions INR Crores 5
Current Tax Liabilities INR Crores 12
Total 491

In Terms of Day Sales


Trade Payables Days 9
Other Current Financial Liabilities Days 11
Other Current liabilities Days 1
Provisions Days 0
Current Tax Liabilities Days 1

Working Capital 265


Change in Working Capital
Expenses
2017 2018 2019 2020 2021 2022 2023
10369 12863 17409 21441.68 20855.56 26891.77 36884.77
87.27% 85.70% 87.41% 86.21% 86.38% 86.81% 86.10%

189 277 335 456.1 536.57 616.21 746.97


1.59% 1.85% 1.68% 1.83% 2.22% 1.99% 1.74%

632 746 959 1183 1309 1464 2072


5.32% 4.97% 4.82% 4.76% 5.42% 4.73% 4.84%
4.82 4.81 5.45 5.53 5.59 5.16 6.39

Working Capital Drivers


2017 2018 2019 2020 2021 2022 2023
Non-Cash Current Asset
933 1147 1576 1948 2248 2743 3243
0 52 0 15 3 6 202
21 33 75 20 44 67 62
74 78 59 109 168 127 317
58 80 105 149 153 201 215
1086 1390 1815 2241 2616 3144 4040

In Terms of Day Sales


29 28 29 29 34 32 28
0 1 0 0 0 0 2
1 1 1 0 1 1 1
2 2 1 2 3 2 3
2 2 2 2 2 2 2

Non-Cash Current Liabilities


267 316 457 433 578 589 754
493 330 420 178 270 283 289
33 11 22 21 41 58 121
8 13 13 15 24 36 51
7 0 0 0 113 112 85
808 670 912 648 1026 1079 1301

In Terms of Day Sales


8 8 8 6 9 7 6
15 8 8 3 4 3 2
1 0 0 0 1 1 1
0 0 0 0 0 0 0
0 0 0 0 2 1 1

278 720 903 1593 1590 2066 2740


13 442 183 690 -3 476 674
D-Mart Return NSE Return

0.00244 -0.00232 Correlation 0.342391


0.00068 0.00758 Standard Deviaton (D-Mart) 0.01835
0.02559 0.00515 Standard Deviaton (NSE) 0.00722
0.02804 -0.00703
0.03515 -0.00269 Beta 0.870189
-0.01204 0.00639
0.00129 -0.00195
0.00022 0.00861
-0.00398 -0.00247
-0.01110 -0.00430
-0.01848 -0.00882
-0.01501 0.00302
-0.00224 -0.00569
-0.00339 0.00001
-0.03109 0.00430
-0.00623 0.00911
-0.01715 -0.01207
0.01334 -0.00113
0.01885 0.00047
0.06342 0.00439
-0.00858 0.00425
0.07121 0.00353
0.02498 0.00360
-0.12524 -0.00125
-0.04909 -0.00987
-0.04022 -0.00940
-0.02769 -0.01113
-0.00824 -0.00635
-0.02949 -0.00571
0.03383 0.00627
0.02891 -0.00464
-0.01524 -0.01817
-0.00719 -0.00905
-0.02254 0.00824
0.00008 -0.00456
0.02095 -0.00662
0.00077 -0.00102
-0.00721 0.00157
0.00193 -0.00222
0.04537 0.00243
0.00755 -0.00522
0.00666 0.00696
-0.01019 -0.00174
0.01124 -0.00705
0.00913 -0.00227
-0.00957 -0.00703
-0.05327 -0.02134
0.00296 0.01282
0.00135 -0.00769
-0.00720 0.00683
-0.02906 -0.01801
-0.00291 -0.00011
0.00802 -0.00399
-0.01185 0.00365
0.00694 0.01271
0.00001 -0.01310
-0.04700 -0.01725
-0.00301 0.00778
0.02260 0.00892
-0.00017 -0.00043
-0.00029 0.00202
-0.01329 -0.01424
0.01042 0.00241
-0.01051 -0.00590
-0.01227 -0.00717
-0.01534 -0.01683
-0.01072 -0.01249
-0.00544 -0.00014
0.00603 0.00533
-0.01345 0.00034
-0.00965 -0.00850
0.01514 0.00877
0.00896 0.00324
-0.01162 -0.00038
-0.00816 0.00015
0.00656 0.00635
-0.01226 0.01372
-0.00671 0.00700
-0.00796 0.00590
0.00783 -0.00127
0.00347 0.00085
-0.03163 0.00502
-0.03100 0.00322
-0.04976 0.00231
-0.00500 0.00004
0.01329 0.00389
0.00813 0.00397
0.00365 -0.01222
0.00547 -0.01052
-0.00741 -0.00915
-0.02499 0.00020
-0.06156 -0.02424
0.01750 0.01626
0.00577 0.00282
-0.01308 -0.00618
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0.02236 0.00270
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-0.02047 -0.00076
-0.01878 0.00539
0.03188 0.00295
0.00103 -0.00437
-0.00878 -0.01367
0.01663 0.02476
-0.02144 -0.00495
0.00483 -0.00529
-0.00608 0.00234
0.01201 0.00084
0.03902 0.01450
0.00683 -0.00763
0.00521 -0.01819
0.02714 0.00864
0.04461 0.01895
-0.00112 0.00077
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-0.03521 -0.00576
-0.00234 -0.00030
0.02689 0.01687
-0.01403 0.01663
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0.00767 0.00615
-0.00519 0.01428
0.00956 -0.01406
-0.01423 0.00585
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0.00138 -0.00916
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0.00122 0.00234
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0.01724 0.01339
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0.00291 -0.00197
0.01459 -0.00473
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0.00715 0.00536
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0.00005 -0.00411
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0.00859 0.00464
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0.00016 0.00323
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0.01111 0.00855
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0.00607 -0.01021
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0.09236 -0.00018
0.01022 0.02179
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0.02899 -0.00679
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0.02145 -0.00619
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0.00245 0.00343
0.03727 0.00808
0.04335 0.00037
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0.02693 0.01317
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0.00560 0.00369
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0.02125 0.00589
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0.03890 0.01085
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0.01895 -0.00326
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0.00046 0.00240
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0.00519 0.00948
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0.02681 0.00494
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-0.02615 -0.00896
0.01547 0.01010
0.03179 0.00923
0.00684 0.00461
0.01310 0.00562
-0.01089 0.00204
0.00051 0.00224
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0.00299 0.00710
0.00015 -0.00178
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0.01447 0.00218
0.01082 0.00158
-0.00528 0.00426
0.00812 0.00323
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-0.02751 -0.01087
0.01477 0.01268
0.00826 0.00454
0.00031 -0.00886
0.00585 -0.00343
0.03783 0.00723
0.01259 0.01977
0.01599 0.00327
0.00085 -0.00335
-0.00160 0.00680
-0.00911 -0.00227
-0.02332 0.00599
-0.02066 0.00285
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0.00089 0.00254
0.00520 0.00142
0.00635 0.01309
0.00597 -0.00936
-0.04446 -0.01494
0.00184 0.00465
-0.01177 0.00258
-0.00927 -0.00270
0.03333 0.00114
-0.01865 -0.01515
0.01210 -0.00816
-0.02105 -0.00605
0.01627 -0.00071
-0.02851 -0.01033
0.02730 0.01764
0.01017 -0.01256
-0.02618 0.00740
-0.02779 -0.00273
0.00800 0.00159
0.00713 0.00858
-0.02317 -0.01579
-0.01042 0.00576
-0.01284 -0.00427
-0.02100 -0.00789
-0.03046 0.00974
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-0.00004 -0.00318
0.01715 0.00808
-0.00670 -0.00264
-0.00982 -0.00032
0.00346 -0.00853
0.00551 -0.00194
0.00606 0.00171
0.00102 0.00570
-0.01883 0.00081
-0.01668 -0.00523
0.00340 0.00469
-0.00777 0.00353
-0.00365 -0.00049
-0.00960 -0.00718
-0.00477 -0.00090
-0.00750 0.00423
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-0.00691 0.00221
-0.01039 0.00062
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-0.01469 -0.00410
-0.01037 -0.00474
0.01808 0.00358
-0.00509 -0.00316
-0.00159 0.00862
-0.01626 -0.00085
-0.00146 0.00717
0.01487 0.00354
0.01270 0.00712
0.00078 -0.00315
-0.01068 -0.00300
0.00453 -0.00099
0.01130 0.00226
0.00077 -0.00420
-0.01291 0.00207
-0.01295 -0.00888
0.01943 0.00516
0.01206 0.00451
0.02739 -0.00059
-0.00641 -0.01072
-0.03638 -0.00273
0.01746 0.00724
0.00038 0.00245
-0.02462 -0.01280
-0.02157 -0.00883
-0.00538 -0.00950
0.03609 0.01033
0.00360 0.00235
-0.01476 0.00209
0.04375 0.00805
-0.02615 -0.00842
-0.00055 0.00363
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-0.02458 -0.00607
-0.00711 -0.00825
-0.00672 0.00828
-0.00528 -0.01143
-0.00593 -0.00159
0.00509 -0.00350
-0.01562 0.00499
-0.00316 -0.00767
0.00238 0.00728
-0.01609 0.00504
-0.02246 -0.00066
-0.01629 -0.00485
-0.02582 0.00001
0.01841 -0.00361
-0.00453 -0.01113
0.00839 -0.01526
-0.00800 0.00610
-0.01484 -0.00391
-0.00187 -0.01096
-0.01243 0.00533
-0.01345 0.00747
-0.01007 -0.00303
-0.00881 -0.00386
0.00278 0.00684
0.00357 0.00044
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