CLSA on Avenue Supermarts - store addition momentum strong
Maintain Outperform with TP of Rs 5360-32% upside
As of March 27, DMart had added 15 stores in Q4, taking the FY25 total to 37
Expect it to add 10 more stores in the last four days of the year
Believe the company is well-positioned to accelerate store additions
DMart tends to open stores in line with cash generated in previous years
With an increasing proportion of stores outside Metro and Tier 1 cities, believe it is better positioned to open more stores since the property costs are lower
Maintain Outperform with TP of Rs 5360-32% upside
As of March 27, DMart had added 15 stores in Q4, taking the FY25 total to 37
Expect it to add 10 more stores in the last four days of the year
Believe the company is well-positioned to accelerate store additions
DMart tends to open stores in line with cash generated in previous years
With an increasing proportion of stores outside Metro and Tier 1 cities, believe it is better positioned to open more stores since the property costs are lower
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