Spencer's Retail Q4 net loss widens to Rs 61.22 Cr
The company's total income in the quarter fell 2.7% to Rs 549.45 crore.
RP-Sanjiv Goenka Group arm
Retail's consolidated net loss widened to Rs 61.22 crore for the fourth quarter ended March 2023. The company had posted a net loss of Rs 42.47 crore in the January-March period a year ago.According to the company's regulatory filing, its revenue from operations was marginally up at Rs 543.39 crore during the fourth quarter, against Rs 541.84 crore in the year-ago period. Total income fell 2.7% to Rs 549.45 crore. Total expenses during the quarter were Rs 610.78 crore.
Spencer's Retail operates 151 stores, with a total trading area of 13.36 lakh square feet (as of March 31, 2023).
Nature's Basket, which the company had acquired from Godrej Industries, reported a standalone turnover of Rs 62 crore.
Nature's Basket operates 35 stores, with a total trading area of 1.07 lakh square feet.
For the fiscal ended March 2023, Spencer's Retail's net loss widened to Rs 210.39 crore. It had reported a net loss of Rs 121.46 crore in FY22. The company's consolidated revenue from operations was Rs 2,452.58 crore in FY23, 6.64 % higher than the preceding fiscal.
Sanjiv Goenka steps down
As part of succession planning, RPSG Group Chairman Sanjiv Goenka has stepped down from the position of chairman and director of the company with effect from the close of business hours on May 22, 2023.
His son Shashwat Goenka, who is overseeing the affairs of the company, has been appointed by the board as chairman of the company with effect from May 23, 2023.
The board has also approved and recommended the reappointment of Utsav Parekh, Pratip Chaudhuri, and Rekha Sethi as independent directors for a second term of five years from November 14, 2023 to November 13, 2028.
Share of Spencer's Retail Ltd settled at Rs 61.03 on the BSE on Monday, down 1.52% from the previous close.
Edited by Swetha Kannan