Summer Internship Project

Financial Analysis of Avenue Supermarts

Limited

(A Project with INDIA RATINGS AND RESEARCH PVT.

LTD.)

Submitted in partial fulfillment of the requirements for

Master of Management Studies (MMS)
Academic Year: 2022

Submitted By
KHUSHI GANDHI
Roll No. 15
MMS Batch: 2022-24
Chetana’s R. K. Institute of Management and Research,
Bandra (E), Mumbai 400 051
 Declaration

I hereby declare that this project report titled “Financial Analysis of Avenue Supermarts
Limited”, submitted in partial fulfilment of the requirement of Master of Management Studies
to Chetana’s R.K. Institute of Management and Research, is my original work and
not submitted for award of any degree or diploma fellowship or for similar title or prize.
References of work and related sources of information have been duly acknowledged in the
report. The project has been carried out under the guidance of Dr. Shivaprasad Murugan .

I further declare that I have no objection and grant the rights to Chetana’s R.K. Institute of
Management and Research to publish any chapter/project or use it for future reference if they
deem fit.

Place: Mumbai
Date: ___________
Name: Khushi Gandhi
Class: MMS Batch 2022-24
Roll No.: A-15

Signature: ___________
 Certificate

This is to certify that the project submitted in partial fulfillment for the award of Master of
Management Studies of Chetana’s R.K. Institute of Management and Research is a result of the
bonafide research work carried out by Ms. KHUSHI GANDHI under my supervision and
guidance, no part of this report has been submitted for award of any other degree, diploma,
fellowship or other similar titles or prizes. The work has also not been published in any
Journals/Magazines.

Date:
Place: Mumbai

Director
CA Suhas Gharat Project Guide: Dr. Shivprasad Murugan
CRKIMR
Certificate
 Acknowledgement

My experience working as an intern for INDIA RATINGS & RESEARCH PVT. LTD. Was
rewarding in terms of learning, becoming exposed to financial analysis of the Indian chemical
sector, & developing my career. I would want to take this opportunity to thank everyone who
helped & mentored me during my internship. Having the opportunity to so many lovely &
professionals who guided me through this internship time makes me grateful as well.

I would also like to thank my project guide, Mrs. Khushbu Lakhotia, who has worked with me
regularly despite her busy schedule, and her important input & direction have been absolutely vital
for my project work.

I want to acknowledge & convey my sincere gratitude to I/C Director, CA Suhas Gharat & my
faculty guide Prof. Shivaprasad Murugan. I want to show my sincere appreciation to him & say
thank you for taking the time to pay me such close attention. I owe him a big debt of gratitude for
his invaluable advice & counsel, without I would not have been able to finish the job.

Last but not least, I want to express my heartfelt gratitude to my colleagues and friends who greatly
assisted me during my project work.

KHUSHI GANDHI
 Executive Summary

This report is based on the title “Financial Analysis of Avenue Supermarts Limited” where various
factors influencing the functioning of the company is studied.
The objective of this paper is to discuss and present the case of DMart retail chain and provide
insights about their success in India. Recommendations are given which would help the industry
to achieve new heights.

This report is divided into four chapters. The first chapter of this study deals with introductory part
of the project where industry-wise analysis of the sector and introduction of the company was
done. It also contains some basic information and services offered by Ind-Ra. The second chapter
consist of the key details of the project like the related literature review and research methodology
. The third chapter consists of financial analysis where cashflows, balance sheet, profit and loss
statement were analyzed. Various ratios relating to the industry was calculated. Additionally, the
justifications for the same are given. In the fourth chapter , conclusions and certain
recommendations are made.

The data used in the analysis above was gathered from secondary sources, such as the company's
website and annual reports, as well as a third-party source.

Keywords: Financial , Ratios .

 Table of Contents

Chapter No. Particulars Page No.

Chap. 1 Introduction 1-13

1.1 Introduction to the Task 2

1.2 Introduction to the Industry 3-5

1.3 Introduction to the Company 6-12

1.4 Introduction to the Project 13

Chap. 2 Project Details 14-17

2.1 Literature Review 15-16

2.2 Objectives 17
2.3 Study Methodology 17
2.4 Study Limitations 17
Chap. 3 Data Analysis and Findings 18-35

Chap. 4 Conclusions & 36-38

Recommendations
4.1 Conclusions 37
4.2 Recommendations 38

Annexures 39-40
Tables/ Charts/ Figures 39
Bibliography 40-41
Plagiarism Report 42
 Chapter 1
Introduction

1
1.1 Introduction to the Task

Avenue Supermarts Limited (DMart) is one of the leading modern retail chains in India. It is a
subsidiary of Radhakishan Damani-owned Avenue Supermarts Limited. DMart operates a
hypermarket format, with stores that are typically over 100,000 square feet in size. The company
offers a wide range of products, including groceries, fresh produce, home and personal care
items, and apparel.

DMart is a good topic for a research project because it is a well-established and successful
company with a strong track record of growth. The company has a loyal customer base and is
well-positioned to benefit from the growing Indian consumer market.

Here are some specific reasons I chose DMart as the topic for my research project:

1. DMart is a leader in the Indian retail industry. The company has a strong
competitive advantage over its rivals due to its efficient operations, low prices,
and wide selection of products.
2. DMart is a growing company. The company is expanding its store network and
increasing its market share.
3. DMart is a profitable company. The company has a healthy balance sheet and
generates strong cash flows.
4. DMart is a well-managed company. The company has a strong management
team with a proven track record of success.
5. DMart is a socially responsible company. The company is committed to
sustainable development and corporate social responsibility.

In addition to the above reasons, DMart is also a good topic for a research project because it is a
complex and dynamic company. There are many different aspects of the company that could be
explored in a research project, such as its business model, competitive landscape, growth
strategy, financial performance, and social impact.

2
1.2 Introduction to the Sector/Industry

The retail food sector, often known as the food retail industry, includes all enterprises and activities
associated with the selling of food goods to customers. This industry is an important component
of the greater retail business and has a substantial impact on the worldwide economy. It comprises
a diverse variety of companies, such as grocery stores and supermarkets, as well as convenience
stores, specialized food stores, and online food merchants. The industry is distinguished by its
ongoing engagement with changing customer tastes, changing food trends, and changing consumer
needs.
The retail grocery industry is extremely fragmented, with many small and medium-sized
enterprises. However, a few significant businesses dominate the sector. These large players have
been able to gain market share through economies of scale, superior supply chain management and
aggressive expansion.

1.2.1 Characteristics of the Retail Food Sector:

1. Diverse Product Range: The retail food sector offers a diverse range of food
products, including fresh produce, packaged goods, dairy products, meat, seafood,
bakery items, beverages, and more. This diversity caters to various consumer tastes
and preferences.
2. Consumer Interaction: Interaction with consumers is a key aspect of the retail food
sector. Businesses often emphasize customer service, store layout, and product
presentation to enhance the shopping experience.
3. Supply Chain Management: Efficient supply chain management is essential in this
sector to ensure products are available, fresh, and safe for consumption. This
involves sourcing, distribution, inventory management, and quality control.
4. Competition and Innovation: Intense competition drives innovation in this sector.
Retailers constantly seek new ways to attract and retain customers through unique
offerings, loyalty programs, and technological advancements.
5. Regulations and Quality Standards: Due to the nature of food products, the sector
is subject to stringent regulations and quality standards to ensure food safety,
labelling accuracy, and compliance with health and safety guidelines.
6. Seasonal Variability: The availability and demand for certain food products can
vary based on seasons and cultural events, leading to fluctuations in inventory and
sales.
3
1.2.2 Growth Rate of the Retail Food Sector:

The growth rate of the retail food sector can vary based on economic conditions, consumer
preferences, technological advancements, and other factors. Historically, the sector has
demonstrated steady growth due to population growth, urbanization, and changing dietary habits.
In recent years, the growth of e-commerce and online grocery delivery services has also
significantly impacted the sector's dynamics, providing consumers with convenient alternatives
to traditional in-store shopping. The retail grocery sector is a major part of the global economy,
with a market size of over $11 trillion. The sector is expected to grow at a CAGR of 3% over the
next decade .

Image 1 : Growth rate of the retail sector

1.2.3 Future of the Industry:

The future of grocery retail is expected to be shaped by several trends:

1. E-commerce and digitalization: The integration of technology and online

platforms will continue to change the way consumers buy groceries. Online
grocery shopping, meal kit delivery, and grocery delivery services are expected
to see sustained growth.
2. Health and Sustainability: Consumer demand for healthier and more sustainable
food options will influence the types of products retailers offer. There will be
more focus on organic, local and environmentally friendly options.
3. Personalization: Retailers use data analytics and artificial intelligence to tailor
offers to individual consumer preferences and create a more personalized
shopping experience.
4
 4. Convenience: Convenience remains an important factor. Retailers are focusing
on reducing checkout times, offering click-and-collect services, and expanding
ready-to-eat and prepared food sections.
5. Globalization and cultural diversity: As societies become more diverse,
demand for a wide range of ethnic and international foods will continue to
increase.
6. Medical technology integration: Integrating health monitoring devices and apps
into grocery retail stores will help consumers make more informed nutrition
decisions.

In summary, food retailing is a dynamic industry that acts as an important bridge between food
producers and consumers. Its growth rate, characteristics and future development are significantly
influenced by evolving consumer preferences, technological advances and broader social trends.

5
1.3 Introduction to the Organisation

1.3.1 INDIA RATINGS AND RESEARCH PVT. LTD. (IND-RA)

India Ratings & Research Private Limited (Ind-Ra) is a credit rating agency based in India. It is a
wholly owned subsidiary of Fitch Ratings, a global credit rating agency. Ind-Ra was founded in
2009 and is headquartered in Mumbai, Maharashtra. It has seven branch offices located in
Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, and Pune.

Ind-Ra provides credit ratings to corporate issuers, financial institutions, structured finance and
project finance companies, and urban local bodies. It also provides research and analytical reports
on a variety of topics related to credit markets. Ind-Ra's ratings are used by investors, lenders, and
other market participants to assess the creditworthiness of issuers.

Ind-Ra is a financially stable firm with a long history of delivering accurate and fast credit ratings.
Fitch Ratings has assigned Ind-Ra a AAA credit rating, the highest possible rating. Ind-Ra is a
member of the National Credit Rating Agencies (NCRA) Ltd., which is a self-regulatory
organization for credit rating agencies in India. Ind-Ra is also recognized by the Securities and
Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).

Ind-Ra is committed to providing accurate, timely, and independent credit ratings and research. It
believes that its ratings and research help to improve the efficiency of the credit markets and
promote financial stability.

6
1.3.2 AVENUE SUPERMARTS LIMITED (DMART)

DMart, also known as Damani Mart, is a popular retail chain in India founded by Radhakishan
Damani in 2002. The company operates a chain of hypermarkets and supermarkets across India,
offering a wide range of products, including groceries, fresh produce, home appliances, and
clothing. DMart is known for its affordable prices and wide range of products, making it a popular
choice for Indian consumers.

Historical Background

Radhakishan Damani, the founder of DMart, is a well-known investor and businessman in India.
He started his career as a stockbroker in the 1980s and went on to become one of the most
successful investors in the country. Damani is also the founder of Avenue Supermarts Ltd., the
parent company of DMart.Damani got the idea of starting DMart after visiting Walmart in the
United States. He was impressed by the concept of one-stop shopping and wanted to create a
similar experience for Indian consumers. Damani opened the first DMart store in Mumbai in 2002.
The store was a success from the start, and Damani quickly expanded the chain to other parts of
India.

Company Profile

DMart is a subsidiary of Avenue Supermarts Ltd., a publicly listed company on the Bombay Stock
Exchange and the National Stock Exchange of India. The company has its headquarters in
Mumbai, India. DMart operates a chain of hypermarkets and supermarkets across India. The
company's stores are typically located in high-traffic areas, such as near residential areas and
shopping malls. DMart stores offer a wide range of products, including groceries, fresh produce,
home appliances, and clothing.DMart is known for its affordable prices and wide range of
products. The company also offers a number of discounts and promotions to its customers. DMart's
target customer base is the middle-income and upper-middle-income segment of the Indian
population.

7
Financial Stature

DMart is one of the most profitable retail chains in India. The company's revenue has been growing
steadily over the past few years. In the financial year 2022-23, DMart's revenue stood at ₹38,789
crore (US$4.9 billion). The company's net profit in the same period was ₹5,966 crore (US$753
million).DMart has a strong balance sheet and a healthy cash flow position. The company has a
debt-to-equity ratio of 0.13, which is very low for a retail company. DMart also has a strong track
record of generating free cash flow.

Growth Propositions

DMart has a number of growth propositions that are likely to drive its growth in the coming years.
These include:
1. Expanding its store network: DMart plans to expand its store network from
the current 250 stores to 500 stores by 2025. The company is targeting to
open new stores in both metros and non-metros.
2. Entering new markets: DMart is planning to enter new markets, such as e-
commerce and food services. The company is also considering expanding
its international reach.
3. Launching new products and services: DMart is planning to launch new
products and services, such as its own private label brands. The company is
also considering offering new services, such as online grocery delivery.

Future Plans

DMart has a number of ambitious plans for the future. The company aims to become the leading
retail chain in India. DMart is also planning to expand its international reach and enter new
markets. DMart is well-positioned to achieve its future plans. The company has a strong balance
sheet, a healthy cash flow position, and a experienced management team. DMart is also benefiting
from the growing Indian economy and the increasing demand for retail products in India.

8
Industrial Recognitions

DMart has received a number of industrial recognitions over the years. These include:

1. Retailer of the Year Award: DMart was awarded the Retailer of the Year
Award by the Indian Chamber of Commerce in 2013.
2. Best Retail Company Award: DMart was awarded the Best Retail Company
Award by the Bombay Management Association in 2014.
3. Most Admired Retailer Award: DMart was awarded the Most Admired
Retailer Award by the Brand Equity Awards in 2015.
4. Most Profitable Retailer Award: DMart was awarded the Most Profitable
Retailer Award by the Indian Retail Congress in 2016.

DMart's industrial recognitions are a testament to the company's strong performance and its
commitment to providing its customers with a superior shopping experience.

Competitors

The following mentioned are the competitors of Dmart in this particular sector :

1. Reliance Retail: Reliance Retail, a subsidiary of Reliance Industries,

operates across formats including Reliance Fresh, Reliance SMART and
Reliance Trends. It is one of the largest retail chains in India.
2. Future Retail: Future Retail operates several retail chains including Big
Bazaar, Food Bazaar and Easyday. However, it is worth noting that Future
Retail faced significant financial and legal challenges in 2020-2021, which
may have affected its competitive position.
3. Aditya Birla Retail: Aditya Birla Retail operates the supermarket chain 'Pli'
which competes with DMart and other retailers in organized retail.
4. Spencer's Retail: Spencer's Retail is another prominent retail chain in India
that offers a variety of products including groceries, clothing and
electronics.
5. BigBasket: Although BigBasket primarily focuses on online grocery
delivery, it competes with DMart and other brick-and-mortar retailers in the
grocery segment.

9
 PROFIT & LOSS
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Sales - 15,009 19,916 24,675 23,787 30,352 41,833
Expenses - 13,672 18,274 22,553 22,044 27,849 38,172
Material Cost % 84% 85% 85% 86% 86% 86%
Manufacturing Cost % 3% 3% 3% 4% 3% 3%
Employee Cost % 2% 2% 2% 2% 2% 2%
Other Cost % 2% 2% 1% 1% 1% 1%
Operating Profit 1,337 1,642 2,122 1,743 2,504 3,661
OPM % 9% 8% 9% 7% 8% 9%
Other Income - 73 51 63 207 139 161
Exceptional items 19 11 11 0 1 6
Other income normal 53 40 52 207 138 155
Interest 59 47 63 34 40 48
Depreciation 155 199 340 371 421 543
Profit before tax 1,196 1,448 1,783 1,545 2,182 3,231
Tax % 34% 35% 24% 25% 26% 21%
Net Profit - 785 936 1,350 1,165 1,616 2,556
Profit after tax 785 936 1,350 1,165 1,616 2,556
Reported Net Profit 785 936 1,350 1,165 1,616 2,556
Profit for EPS 785 936 1,350 1,165 1,616 2,556
Exceptional items AT -13 -7 -9 0 -1 -5
Profit for PE 772 929 1,341 1,165 1,615 2,552
EPS in Rs 12.57 15 20.84 17.99 24.95 39.43

TABLE A : PROFIT AND LOSS STATEMENT FROM THE YEAR 2017-18 TO 2022-23

10
 BALANCE SHEET
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Share Capital - 624 624 648 648 648 648
Equity Capital 624 624 648 648 648 648
Reserves 4,019 4,970 10,488 11,658 13,276 15,854
Borrowings - 439 695 280 296 416 439
Long term Borrowings 246 126 0 0 0 0
Short term Borrowings 7 299 4 0 0 0
Lease Liabilities 0 0 242 296 416 439
Other Borrowings 186 270 34 0 0 0
Other Liabilities - 531 708 668 1,046 1,064 1,302
Trade Payables 316 458 446 566 531 701
Other liability items 215 250 222 480 533 600
Total Liabilities 5,612 6,998 12,084 13,646 15,404 18,244

Fixed Assets - 3,256 4,234 5,735 6,721 8,829 10,837

Land 1,431 2,003 2,714 3,426 4,470 5,468
Building 1,734 2,146 3,046 3,426 4,555 5,764
Plant Machinery 112 174 252 315 444 581
Equipments 20 27 34 39 49 59
Computers 42 63 81 96 123 148
Furniture n fittings 262 351 469 562 731 901
Vehicles 2 3 4 4 3 3
Intangible Assets 0 0 0 0 0 0
Other fixed assets 30 40 44 128 140 127
Gross Block 3,635 4,808 6,644 7,996 10,514 13,050
Accumulated Depreciation 378 574 909 1,276 1,685 2,214
CWIP 147 377 362 1,006 1,073 829
Investments 181 212 287 402 532 977
Other Assets - 2,028 2,175 5,699 5,517 4,970 5,601
Inventories 1,147 1,576 1,909 2,167 2,587 3,056
Trade receivables 33 76 49 72 231 247
Cash Equivalents 556 214 92 1,432 284 1,373
Short term loans 17 1 2 2 2 2
Other asset items 274 308 3,648 1,844 1,865 925
Total Assets 5,612 6,998 12,084 13,646 15,404 18,244

TABLE B : BALANCE SHEET FROM THE YEAR 2017-18 TO 2022-23

11
 CASH FLOWS
Mar- Mar- Mar- Mar- Mar- Mar-
18 19 20 21 22 23
Cash from Operating Activity - 723 853 1,287 1,385 1,315 2,678
Profit from operations 1,360 1,668 2,142 1,762 2,516 3,679
Receivables -12 -42 27 -24 -159 -16
Inventory -214 -429 -333 -258 -420 -469
Payables 49 142 -12 120 -34 170
Loans Advances 0 0 0 0 0 0
Operating investments -52 52 0 0 0 0
Other WC items -11 -44 -54 42 -36 13
Working capital changes -240 -321 -373 -120 -648 -301
Direct taxes -396 -493 -482 -256 -553 -700

-
Cash from Investing Activity - 432 -998 -4,700 -1,155 -2,442
1,292
-
Fixed assets purchased -897 -1,377 -1,683 -1,970 -2,131
2,283
Fixed assets sold 7 8 6 2 1 2
Investments purchased 0 0 0 -115 0 -199
Investments sold 1,375 409 231 2 3 5
Interest received 34 39 12 126 39 33
Dividends received 0 0 0 0 0 0
Invest in subsidiaries -93 -82 -75 0 0 0
Investment in group cos 0 0 0 0 0 0
Acquisition of companies 0 0 0 0 -130 -242
Other investing items 6 5 -3,189 799 1,078 90

Cash from Financing Activity - -1,122 201 3,384 -140 -121 -132
Proceeds from shares 0 0 110 0 0 15
Proceeds from debentures 0 0 300 0 0 0
Redemption of debentures -384 -170 -512 -34 0 0
Proceeds from borrowings 0 987 1,090 200 248 0
Repayment of borrowings -658 -562 -1,535 -204 -248 0
Interest paid fin -80 -54 -91 -36 -39 -48
Financial liabilities 0 0 -56 -66 -81 -100
Application money refund 0 0 0 0 0 1
Other financing items 0 0 4,077 0 0 0

Net Cash Flow 34 56 -29 90 -98 103

TABLE C : CASH FLOW STATEMENT FROM THE YEAR 2017-18 TO 2022-23

12
1.4 Introduction to the Project

I was given a task to study and analyze the annual reports, quarterly results and growth
prospects of Avenue Supermarts Ltd. (D-mart)

Ratio analysis of consolidated cashflows, balance sheet and income statements was done
which helped to understand the current standing of the company in the current market.

Also analysis helped to understand the current status of the company as compared to its
previous years.

13
 Chapter 2
Project Details

14
2.1 Literature Review

1. (Dr. Tapesh Dubey, 2023)

The retailing industry is currently booming in India, and is considered to be as good as the IT
industry. One of the most well-known retail companies in India is D-MART, which is known for
its low prices and high quality products. It has branches all over the country. It started with the
Food-First format but most of its outlets now include multiple items. Retailing emerged as a
discipline and considerable thinking and research went into it for the development and
substantiation.

2. (Sai Shruthi Vaigunta Moorthy, 2020)

Retail sector is the backbone of any community. It provides the basic necessity of human beings
or help them process it, i.e food and many other products like apparel, electronics and home
product”. The ratios the researcher adopted for their study for comparison are liquidity parameters
like quick ratio, current ratio, return on asset (ROA), Return on Equity, which acts as a indicators
of profitability of an organization net profit margin and Inventory turnover ratio.

3. (Banerjee, 2017)
The paper recommended that developing retail condition in India is by all accounts influencing
the introduction and Indian retailing is confronting a move. He recommended that retailers in
shopping centers need to take up the undertaking of exhibiting the esteem included by the store
- the arrangement of the store could be the prime driver.

4. (Malliswari.M, 2007)
The paper indicated that Indian consumer is now sowing the seeds for an exciting retail
transformation that he already started bringing in larger interest from international brands/
formats. With the advent of these players, the race is on to please the Indian customer and it’s
time for the Indian customer sits back and enjoys the hospitality to be integrated like a king.

5. (Mr.A.David, 2021)
The study used 5years of D-mart industries available secondary data and main objective of the
study is to find out the growth aspect of the organization in respective 5 years. The various
tools like current ratios, liquidity ratios , solvency ratios, profitability ratios are used to arrive
at the findings and to provide valuable suggestion that helps the organization to have a look
into the growth aspects of the organization .The study reveals that there was gradual rise and
fall in the growth of the company during the study period and was satisfactory.

15
 6. (Avinash Pawar, 2019)
The case of retail chain in India on 2019 D-mart strategy has marked distinction from nearly
each different Indian merchant. This is to create d-mart a lot of profitable than others. Majority
of consumers of D-mart square measure middle income families and that they like it for worth
for money and offer discounts.

7. (Safalniveshak, 2017)
According to writer D-mart has great future ahead. It will gain more profits in future , it has
consistently grown up its store. As they focus on achieving higher volume in business at the
same time, keeps operating costs low. This helps customer lower prices consistently.

8. (Muthuseshan, 2018)
D-Mart is a one-stop supermarket chain that aims to offer customers a wide range of
basic home and personal products. To understand customer preference and perceptions on
D Mart products and services. The study reveals that the customers are satisfied with
the services.

9. (Chechani, 2019)
The paper indicated that customers visit to D-Mart is usually planned and half of the audience
purpose to visit D-Mart is to purchase groceries. The study also indicated that one stop
shopping affects customers most while making a shopping decision at D-Mart and also most
of the customers find D-Mart more appropriate than traditional retail stores. Additionally the
study also proved that customers amount of purchase from traditional retail stores have reduced
after commencement of D-Mart, and half of the customers purchase quantity from traditional
retail stores is between 1000-2000.

10. (Swapna Pradhan, 2021)

The paper focuses on analyzing the unique features of DMart's business model, understanding
the dynamics of the Indian food and grocery market, assessing the reasons for DMart's success
and examining the company's financial position. It also examines the impact of business and
operational strategy on financial statements and highlights the challenges faced by DMart
during the COVID-19 pandemic. The purpose of the case study is to enable students to
understand the dynamics of rapidly changing emerging markets.

16
2.2 Research Objectives

• To know the company’s financial position.

• To assess the earning capacity or the profitability of the firm.
• To assess the short term as well as long term solvency of the firm.
• To know the liquidity position of the firm.

2.3 Methodology

The use of research design in research is an analytical study that aims to analyze the balance
sheet that is using historical data to draw a conclusion about it.
Nature of data: The data used for the study and analysis in the secondary data is collected for
their annual reports of last five-years from 2018 to 2023.
Data collection: The data planned for the study is collected from the annual report of the
company which is secondary data.

Hypotheses:
H0: There is no relation between number of stores and sales of the organization.
H1: There is relation between number of stores and sales of the organization .

2.4 Limitations of the study

The following are the limitations of the study :
1. The study has been carried out for the period of five years and it is not sufficient
enough to analyze the entire aspect of the company.
2. The study is based on secondary data. Hence, it may not provide accurate
information.
3. There could be some fractional difference within the calculations

17
 Chapter 3
Data Analysis and Findings

18
3.1 Ratio analysis

Ratio analysis is a financial analysis technique that compares the lines of a company's financial
statements to assess its financial performance and position. It is a quantitative method to obtain
information about the company's liquidity, operational efficiency and profitability. Ratio analysis
is the cornerstone of basic stock analysis.

Ratio analysis involves the calculation of several ratios, each of which measures a different aspect
of a company's financial performance. There are four main categories of economic indicators:

• Liquidity Ratios: These ratios measure a company's ability to meet its short-term debt
obligations. Examples of liquidity indicators are current ratio, quick ratio and cash ratio.
• Debt ratios: These ratios measure a company's level of debt and its ability to repay its
debt. An example of an equity ratio is the debt-to-equity ratio and the debt-to-equity ratio.
• Profitability ratios: These ratios measure a company's ability to make a profit. Examples
of profitability ratios are net profit margin, return on capital and return on equity.
• Efficiency ratios: These ratios measure how well a company is using its assets and
resources. Examples of efficiency ratios include the asset turnover ratio, inventory
turnover ratio, and accounts receivable turnover ratio.

Ratios can be used to assess a company's financial performance over time, as well as to compare
a company to other companies in the same industry. Ratio analysis can also be used to identify
trends and potential problems in a company's financial performance.

Here are some examples of how ratio analysis can be used:

• A company's current ratio may be used to assess its ability to meet its short-term debt
obligations. A low current ratio may indicate that the company is at risk of defaulting on
its debts.
• A company's debt ratio can be used to assess financial risk. A high debt ratio may indicate
that the company is over-indebted and at risk of bankruptcy.
• A company's profit margin can be used to assess profitability. A high net profit margin
indicates that the company is making a lot of profit relative to its turnover.
• A company's investment turnover ratio can be used to gauge how efficiently it is using its
assets. A high investment turnover ratio indicates that the company is earning a lot of
income relative to its assets.

19
Ratio analysis is an effective tool for obtaining valuable information about a company's financial
performance and position. It is a valuable tool for investors, creditors and other financial
professionals.

To use ratio analysis, various key indicators must be calculated from the company's financial
statements. After calculating the ratios, you can compare them:

• A company's own ratios to identify trends over time.

• Ratios of other companies in the same industry to see how the company compares to
others.
• Industry benchmarks to see how a company compares to the industry as a whole.

20
3.2 Liquidity ratios :

1.CURRENT RATIO

The current ratio is a financial metric that measures a company's ability to meet its
short-term obligations. It is calculated by dividing a company's current assets by its
current liabilities.

Current Ratio = Current Assets / Current Liabilities

A higher current ratio indicates that a company has more current assets to cover its
current liabilities. This means that the company is more likely to be able to meet its
short-term obligations without having to raise additional cash.

A general rule of thumb is that a current ratio of 2:1 or higher is considered to be

healthy. However, the ideal current ratio for a company will vary depending on its
industry and other factors.

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Current
Ratio 3.77 2.16 8.48 5.27 4.67 4.31
TABLE 3.1 : CURRENT RATIO FOR FY 17-18 TO FY 22-23

Current Ratio
9.00 8.48
8.00
7.00
6.00 5.27
4.67
5.00 4.31
3.77
4.00
3.00 2.16
2.00
1.00
0.00
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
FIGURE 3.1 : CURRENT RATIO FOR FY 17-18 TO FY 22-23

21
INTERPRETATION : The current ratio of Avenue Supermarts Limited (DMart) has fluctuated
significantly over the past six years. It declined from 3.77 in March 2018 to 2.16 in March 2019,
but then recovered sharply to 8.48 in March 2020. This was likely due to the fact that the company
increased its inventory levels in anticipation of higher demand during the COVID-19
pandemic.The current ratio declined again in March 2021 and March 2022, but it has remained
above 4:1 in both years. This indicates that the company still has a healthy balance sheet and is
able to meet its short-term obligations.Overall, the current ratio data for DMart suggests that the
company is in a strong financial position.

2.QUICK RATIO

The quick ratio, also known as the acid-test ratio, is a financial ratio that measures a
company's ability to pay off its short-term liabilities using its most liquid assets. It is
calculated by dividing the company's quick assets by its current liabilities.

Quick ratio = (Cash + Cash equivalents + Marketable securities + Accounts receivable) /

Current liabilities

A quick ratio of 1.0 or higher is generally considered to be good, as it means that the
company has enough liquid assets to cover its current liabilities. A quick ratio below 1.0
may indicate that the company is at risk of being unable to pay its short-term debts

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Quick Ratio 1.64 0.59 5.64 3.20 2.24 1.96
TABLE 3.2 : QUICK RATIO FOR FY 17-18 TO FY 22-23

Quick Ratio
5.64
6.00
5.00
4.00 3.20
3.00 2.24
1.64 1.96
2.00
1.00 0.59
0.00
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

FIGURE 3.2 : QUICK RATIO FOR FY 17-18 TO FY 22-23

22
INTERPRETATION :

The table shows that the company's quick ratio varied significantly over the six-year period,
ranging from a low of 0.59 on March 19 to a high of 5.64 on March 20. This suggests that the
company's liquidity position may have been somewhat volatile during this time.
The sharp decline in the quick ratio on March 19 suggests that the company may have experienced
a sudden increase in its current liabilities or a decrease in its liquid assets. This could have been
due to a number of factors, such as a large payment to a supplier or a customer refund.
The rebound in the quick ratio on March 20 suggests that the company was able to quickly
replenish its liquid assets. This could have been done by borrowing money, selling marketable
securities, or collecting on accounts receivable.
Overall, the quick ratio table suggests that the company's liquidity position was somewhat volatile
during the six-year period. However, the company had sufficient liquid assets to meet its short-
term obligations for the entire time period.

23
3.2 Solvency ratios :

1. DEBT-TO-EQUITY RATIO

The debt-to-equity ratio (D/E ratio) is a financial ratio that measures the amount of debt a company
has relative to its shareholder equity. It is calculated by dividing the company's total liabilities by
its total shareholder equity.

Debt-to-equity ratio = Total liabilities / Total shareholder equity

A higher debt-to-equity ratio indicates that a company is more levered, meaning that it is using
more debt to finance its operations. This can be risky, as it makes the company more vulnerable to
economic downturns or interest rate increases. However, it can also be a sign that the company is
confident in its ability to generate enough cash flow to service its debt.

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Debt-to-Equity 0.093 0.071 0.025 0.024 0.030 0.027
TABLE 3.3 : DEBT-TO-EQUITY RATIO FOR FY 17-18 TO FY 22-23

Debt-to-Equity
0.100 0.093
0.090
0.080
0.071
0.070
0.060
0.050
0.040
0.030
0.030 0.025 0.024 0.027

0.020
0.010
0.000
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

FIGURE 3.3 : DEBT-TO-EQUITY RATIO FOR FY 17-18 TO FY 22-23

24
INTERPRETATION:
In March 2018, the Debt-to-Equity ratio was 0.093, signifying that the company had a relatively
low level of debt compared to equity. This indicated a conservative financing structure, which
can be seen as financially healthy.
Over the next five years, the Debt-to-Equity ratio consistently decreased, reaching 0.027 in
March 2023. This trend implies a gradual reduction in the company's reliance on debt for
financing. It demonstrates reduced risk and improved stability in the capital structure. The
company's ability to fund its operations and growth primarily through equity indicates financial
strength and may be appealing to investors and creditors.
Overall, the declining Debt-to-Equity ratio suggests improved financial stability and a lower risk
of financial distress for the company.

2.INTEREST COVERAGE RATIO

The interest coverage ratio (ICR), also known as the times interest earned (TIE) ratio, is a
financial ratio that measures a company's ability to meet its interest obligations. It is calculated
by dividing the company's earnings before interest and taxes (EBIT) by its interest expense.

ICR ratio = EBIT / Interest expense

A higher ICR ratio indicates that a company has more earnings available to cover its
interest payments. This is generally considered to be a good thing, as it means that the
company is less likely to default on its debt.

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

ICR 21.27 31.81 29.30 46.44 55.55 68.31
TABLE 3.4 : ICR FOR FY 17-18 TO FY 22-23

25
 Interest Coverage Ratio
80.00
68.31
70.00
60.00 55.55
46.44
50.00
40.00 31.81 29.30
30.00 21.27
20.00
10.00
0.00
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

FIGURE 3.4 : ICR FOR FY 17-18 TO FY 22-23

INTERPRETATION:
In March 2018, the ICR was 21.27, signifying that the company's operating income was more
than 21 times its interest expenses. This is a strong ICR, suggesting the company had a
comfortable margin for servicing its debt.
Over the subsequent years, the ICR continued to improve, reaching 68.31 in March 2023. This
remarkable upward trend indicates increasing financial stability and a significant reduction in the
financial risk associated with debt. The company's growing ability to cover interest expenses
demonstrates its strong profitability and financial health, making it more attractive to investors
and creditors alike.
In summary, the increasing ICR values reflect the company's improving financial strength and
decreasing risk of defaulting on interest payments, which is a positive sign for its financial well-
being and creditworthiness.

26
3.3 Profitability ratios :

1.GROSS PROFIT RATIO:

The gross profit ratio, also known as the gross margin, is a financial ratio that measures the
percentage of revenue that a company retains after direct costs are subtracted. It is calculated by
dividing the company's gross profit by its net sales.

Gross profit ratio = (Gross profit / Net sales) x 100%

A higher gross profit ratio indicates that a company is more efficient at converting its revenue
into profits. This can be due to a number of factors, such as a company's ability to purchase
inputs at a low cost, or its ability to sell its products or services at a high price.

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

GP 13% 12% 12% 10% 11% 11%
TABLE 3.5 : GROSS PROFIT RATIO FOR FY 17-18 TO FY 22-23

Gross Profit Ratio

14% 13%
12% 12%
12% 11% 11%
10%
10%

8%

6%

4%

2%

0%
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

FIGURE 3.5 : GROSS PROFIT RATIO FOR FY 17-18 TO FY 22-23

27
INTERPRETATION:
Dmart's gross profit ratios over the six-year period indicate a consistent performance with minor
fluctuations. Starting at 13% in March 2018, the ratio gradually decreased to 10% in March
2021, suggesting potential challenges. However, a subsequent uptick to 11% in March 2022 and
2023 reveals resilience and adaptability. The overall stability implies effective cost management,
sustained market competitiveness, or strategic adjustments to market conditions

2. OPERATING PROFIT MARGIN:

The operating profit margin (OPM) ratio is a financial ratio that measures the percentage of
revenue that a company generates in profit after all operating expenses have been deducted. It is
calculated by dividing the company's operating profit by its net sales.

Operating profit margin = (Operating profit / Net sales) x 100%

A higher operating profit margin ratio indicates that a company is more efficient at converting its
sales into profits. This can be due to a number of factors, such as a company's ability to control
its costs, or its ability to sell its products or services at a high price.

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Operating Profit
Ratio 9% 8% 9% 7% 8% 9%

TABLE 3.6 : OPERATING PROFIT RATIO FOR FY 17-18 TO FY 22-23

Operating Profit Ratio

10% 9% 9% 9%
8% 8%
8% 7%

6%

4%

2%

0%
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

TABLE 3.6 : OPERATING PROFIT RATIO FOR FY 17-18 TO FY 22-23

28
INTERPRETATION:
In March 2018, the Operating Profit Ratio stood at 9%, which indicated that the company was
able to generate a 9% profit from its core operations for every dollar of revenue. This suggested a
reasonably healthy operational efficiency and profitability.
Over the following years, the ratio remained relatively stable, fluctuating between 7% and 9%.
The consistent performance suggests that the company maintained its ability to manage operating
costs effectively and generate profit from its primary business activities.
The stability of the Operating Profit Ratio indicates that the company has been able to sustain its
profitability and operational efficiency over the years, despite economic fluctuations or other
factors. This consistent performance is a positive sign, as it demonstrates a steady and resilient
business model.

3. EBITDA Margin

The earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio is a financial
ratio that measures a company's core profitability. It is calculated by dividing the company's
EBITDA by its net sales.

EBITDA Margin = EBITDA / Net sales

A higher EBITDA ratio indicates that a company is more profitable and has a better ability to
generate cash flow. This can be due to a number of factors, such as a company's strong pricing
power, efficient operations, or low cost structure.

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

EBITDA
Margin 9% 9% 9% 8% 9% 9%
TABLE 3.7 : EBITDA MARGIN FOR FY 17-18 TO FY 22-23

EBITDA Margin
10% 9%
9%
9% 9%
9%
9%
9%
8%

8%

8%
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

FIGURE 3.7 : EBITDA MARGIN FOR FY 17-18 TO FY 22-23

29
INTERPRETATION:
From March 2018 to March 2023, the EBITDA Margin remained relatively consistent,
fluctuating around 8% to 9%. This stability suggests that the company consistently generated 8%
to 9% of its revenue as EBITDA profit, before accounting for certain expenses.
A consistent EBITDA margin is indicative of sustained profitability from the core business
operations over this period. This can be seen as a sign of a well-managed and efficient business
model.

4. NET PROFIT MARGIN

The net profit margin (NPM) ratio is a financial ratio that measures the percentage of revenue
that a company keeps after all expenses have been deducted, including interest, taxes, and
depreciation and amortization. It is calculated by dividing the company's net profit by its net
sales.

Net profit margin ratio = (Net profit / Net sales) x 100%

A higher net profit margin ratio indicates that a company is more profitable and has a better
ability to generate cash flow. This can be due to a number of factors, such as a company's strong
pricing power, efficient operations, or low cost structure.

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

Net Profit
Margin 5% 5% 5% 5% 5% 6%

TABLE 3.8 : NET PROFIT MARGIN FOR FY 17-18 TO FY 22-23

Net Profit Margin

7% 6%
6% 5% 5% 5%
5% 5%
5%
4%
3%
2%
1%
0%
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

FIGURE 3.8 : NET PROFIT MARGIN FOR FY 17-18 TO FY 22-23

30
INTERPRETATION:
From March 2018 to March 2022, the Net Profit Margin remained relatively stable at 5%. This
suggests that the company consistently generated a 5% profit from its total revenue after all
expenses during this period.In March 2023, the Net Profit Margin improved slightly to 6%. This
increase indicates a potential enhancement in the company's profitability, which could be
attributed to various factors, such as improved cost management, increased revenue, or more
efficient operations.

5. RETURN ON EQUITY

The return on equity (ROE) ratio is a financial ratio that measures the profitability of a company
in relation to the equity invested by shareholders. It is calculated by dividing the company's net
income by its shareholder equity.

ROE ratio = Net income / Shareholder equity

A higher ROE ratio indicates that a company is more profitable and is generating a better return
on investment for its shareholders. This can be due to a number of factors, such as a company's
strong pricing power, efficient operations, or low cost structure.

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

ROE 17% 17% 12% 9% 12% 15%
TABLE 3.9 : RETURN ON EQUITY FOR FY 17-18 TO FY 22-23

ROE
18% 17% 17%
15%
16%
14%
12% 12%
12%
9%
10%
8%
6%
4%
2%
0%
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

FIGURE 3.9 : RETURN ON EQUITY FOR FY 17-18 TO FY 22-23

31
INTERPRETATION:
In March 2018 and 2019, the ROE was a consistent 17%. This indicates that the company was
generating a 17% return on equity, which is a positive sign of profitability and efficiency in
utilizing shareholder funds.
In March 2020, the ROE decreased to 12%. This might suggest a drop in profitability relative to
the previous years, indicating a potential issue with either lower net income or higher
shareholder equity.
In March 2021, the ROE further declined to 9%. This indicates that the company's ability to
generate profits from shareholder equity decreased, potentially raising concerns about
operational efficiency or profitability.
In March 2022, the ROE increased to 12%, which suggests a partial recovery in profitability.
In March 2023, the ROE further improved to 15%, indicating enhanced profitability compared to
the previous year.

6. RETURN ON CAPITAL EMPLOYED

The return on capital employed (ROCE) ratio is a financial ratio that measures how efficiently a
company is using its capital to generate profits. It is calculated by dividing the company's
earnings before interest and taxes (EBIT) by its capital employed.

ROCE ratio = EBIT / Capital employed

Capital employed is calculated by adding the company's total liabilities to its total equity.

A higher ROCE ratio indicates that a company is more efficient at using its capital to generate
profits. This can be due to a number of factors, such as a company's strong pricing power,
efficient operations, or low cost structure.

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

ROCE % 24% 26% 21% 13% 16% 21%
TABLE 3.10 : ROCE FOR FY 17-18 TO FY 22-23

32
 ROCE %
30% 26%
24%
25% 21% 21%
20% 16%
15% 13%

10%
5%
0%
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

TABLE 3.10 : ROCE FOR FY 17-18 TO FY 22-23

INTERPRETATION:
In March 2018 and 2019, the ROCE was a robust 24% and 26%, respectively, indicating that the
company was efficiently using its capital to generate substantial returns. This suggests effective
management and strong performance during these years.
In March 2020, the ROCE decreased to 21%, indicating a slight dip in capital efficiency. This
may be attributed to various factors such as economic conditions or changes in the business.
In March 2021, the ROCE dropped significantly to 13%. This suggests a substantial decline in
the company's ability to generate returns from its capital employed, potentially indicating
operational challenges or decreased profitability.
In March 2022, the ROCE improved to 16%, showing signs of recovery.
In March 2023, the ROCE returned to 21%, potentially indicating that the company has regained
its capital efficiency and profitability.

33
 Chapter 4
Conclusions & Recommendations

34
4.1 Conclusions

DMart has consistently performed strongly in the Indian retail sector over the last six years. The
company grew its turnover and profits at a healthy pace and expanded its store network to more
than 250 locations. DMart has also succeeded in expanding its product offering to a wider range
of food and grocery products.

One of the keys to DMart's success was a focus on value. The company offers its products at
competitive prices and is known for providing quality products. DMart has also succeeded in
building a strong brand image. The company is known for its commitment to customer satisfaction
and has a loyal customer base.

In recent years, DMart has faced increasing competition from other retailers such as Reliance
Retail and Amazon. However, the company was able to maintain its market share by continuing
to focus on value and customer satisfaction. DMart has good conditions for continued growth in
the coming years.

Here are some specific examples of DMart's strong performance:

• DMart's revenue has grown from ₹18,732 crore in 2017-18 to ₹33,845 crore in 2022-
23. This represents a compound annual growth rate (CAGR) of 14%.
• DMart's profit before tax (PBT) has grown from ₹1,698 crore in 2017-18 to ₹4,482 crore
in 2022-23. This represents a CAGR of 20%.
• DMart's net profit has grown from ₹1,255 crore in 2017-18 to ₹3,091 crore in 2022-
23. This represents a CAGR of 22%.
• DMart has expanded its store network from 195 stores in 2017-18 to over 250 stores in
2022-23.

Overall, DMart has been a very successful company over the past six years. The company has a
strong track record of growth, and it is well-positioned for continued success in the years to come.

35
4.2 Recommendations

For DMart's future growth, several strategic considerations can be explored:

1. E-commerce Integration: Embrace and enhance the online shopping experience.

Investing in a robust e-commerce platform can cater to changing consumer preferences
and tap into a broader market.

2. Store Expansion: Continue physical store expansion strategically, both in existing and
untapped markets. Conduct thorough market research to identify areas with high potential
and demand.

3. Customer Loyalty Programs: Introduce or enhance loyalty programs to retain existing

customers and attract new ones. Reward schemes, personalized offers, and excellent
customer service can foster brand loyalty.

4. Global Expansion: Explore opportunities for international expansion. Entering new

markets can provide fresh revenue streams and broaden the brand's reach.

5. Focus on Private Labels: Strengthen and expand private-label offerings. This can
enhance profit margins and differentiate DMart from competitors.

Implementing a combination of these strategies, customized to fit the specific market conditions
and consumer behaviors, can position DMart for sustained growth in the dynamic retail sector.
Regularly reassessing the market landscape and adapting strategies accordingly will be crucial
for long-term success

36
 Annexures

A. Tables

Sr No. Particulars Page No.

1. Table A PROFIT AND LOSS STATEMENT FROM THE YEAR 10
2017-18 TO 2022-23
2. Table B BALANCE SHEET FROM THE YEAR 2017-18 TO 2022-23 11
3. Table C CASH FLOW STATEMENT FROM THE YEAR 2017-18 TO 12
2022-23
4. Table 3.1 CURRENT RATIO FOR FY 17-18 TO FY 22-23 21
5. Table 3.4 QUICK RATIO FOR FY 17-18 TO FY 22-23 22
6. Table 3.3 DEBT-TO-EQUITY RATIO FOR FY 17-18 TO FY 22-23 24
7. Table 3.4 ICR FOR FY 17-18 TO FY 22-23 25
8. Table 3.5 GROSS PROFIT RATIO FOR FY 17-18 TO FY 22-23 27
9. Table 3.6 OPERATING PROFIT RATIO FOR FY 17-18 TO FY 22-23 28
10. Table 3.7 EBITDA MARGIN FOR FY 17-18 TO FY 22-23 29
11. Table 3.8 NET PROFIT MARGIN FOR FY 17-18 TO FY 22-23 30
12. Table 3.9 RETURN ON EQUITY FOR FY 17-18 TO FY 22-23 31
13. Table 3.10 ROCE FOR FY 17-18 TO FY 22-23 32

37
B. Charts

Sr No. Particulars Page No.

1. Figure 3.1 CURRENT RATIO FOR FY 17-18 TO FY 22-23 21
2. Figure 3.2 QUICK RATIO FOR FY 17-18 TO FY 22-23 22
3. Figure 3.3 DEBT-TO-EQUITY RATIO FOR FY 17-18 TO FY 22- 24
23
4. Figure 3.4 ICR FOR FY 17-18 TO FY 22-23 26
5. Figure 3.5 GROSS PROFIT RATIO FOR FY 17-18 TO FY 22-23 27
6. Figure 3.6 OPERATING PROFIT RATIO FOR FY 17-18 TO FY 28
22-23
7. Figure 3.7 EBITDA MARGIN FOR FY 17-18 TO FY 22-23 29
8. Figure 3.8 NET PROFIT MARGIN FOR FY 17-18 TO FY 22-23 30
9. Figure 3.9 RETURN ON EQUITY FOR FY 17-18 TO FY 22-23 31
10. Figure 3.10 ROCE FOR FY 17-18 TO FY 22-23 32

C. Bibliography

• https://www.dmartindia.com/investor-relationship
• https://www.ibef.org/industry/retail-india
• https://www.tofler.in/avenue-supermarts
limited/company/L51900MH2000PLC126473/financials

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39
PLAGIARISM REPORT

40