Avenue Supermarts (DMART) reported below expected result on EBITDA and PAT front. This was largely due to higher than expected other expense and effective tax rate. Expansion in gross margin and healthy store addition rate were the key positives in the result. DMART is on track to achieve its FY20E aggressive guidance on store addition with no signs of slowdown. We expect DMART to add 27 stores in FY20E. Miss in EBITDA and PAT estimates is more of accounting-miss than structural. We continue to maintain our thesis on DMART as a secular play on value migration in India. Huge scope of penetration and superior business model should help DMART to win market share....