Avenue Supermarts (DMART) reported better than expected result led by continuance of strong retail expansion rate and better revenue mix. DMART continues its strategy of opening bigger size stores which presents more opportunity (i.e. more retail area) to retail high-margin general-merchandise and apparels where-in competition from leading online grocery retailers (like Grofers and Big Baskets) are conspicuously absent. This has aided in gross margin expansion despite discounting intensity rising to its peak. Ability to maintain gross margin through intelligent product-assortment strategy continues to justify the valuation-premium which DMART commands. We have...