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Global brokerage house Morgan Stanley said Avenue Supermart’s second-quarter revenue rose 35.8 percent (YoY) to Rs 10,385 crore. The company opened 8 new stores during the quarter taking the total number of stores to 302. The company opened 10 new stores in the first quarter (1QF23).
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According to a brokerage report, the company’s single store sales growth (SSSG) is 15 percent. The company has opened 18 new stores in the first half of the current financial year (H1 FY23). So, in the first half of the last financial year (H1 FY22), the company opened 12 stores. The company’s revenue/store is Rs 34.8 crore. It grew by 10.2 percent on an annual basis and 2.7 percent on a quarterly basis.
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Shares can rise 35%
Morgan Stanley maintains ‘overweight’ rating on Avenue Supermart. Also, the target price per share has been set at Rs 4590 for post-investment returns. Macquarie has rated Avenue Supermart as ‘outperform’. 4900 per share has been targeted for this.
HSBC has advised to buy shares of Avenue Supermart. 6,000 per share has been targeted. The stock of the company closed at Rs 4444 on October 3, 2022. Investing in shares can fetch good returns of up to 35 percent from the current price.
