India’s Avenue Supermarts, the parent company of DMart, posted higher net profit in the quarter that ended December 31 – and has named a new CEO to take charge of the business.

The company’s net profit grew 6.5 per cent to 7.85 billion rupees (US$90.7 million) as revenue surged 17.5 per cent to 155.65 billion rupees.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 10.2 per cent to 12.35 billion rupees.

“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,” said Neville Noronha, CEO and MD of Avenue Supermarts.

“However, this quarter, the impact has relatively reduced versus the previous quarter.”

In the first nine months, the company’s net profit climbed 10.4 per cent to 23.1 billion rupees as revenue soared 16.7 per cent to 433.27 billion rupees.

Meanwhile, the company has named Anshul Asawa as CEO designate, effective March 15.

Asawa is currently the country head of Unilever Thailand and GM of the home care business in Greater Asia.

Noronha will complete his five-year term as the MD of Avenue Supermarkets on January 31 next year.