Spencer's Retail net loss widens to Rs 61.22 cr in Jan-Mar quarter

RP-Sanjiv Goenka Group arm Spencer's Retail Ltd on Monday said its 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, Spencer's Retail said in a regulatory filing.

Its revenue from operations was marginally up at Rs 543.39 crore during the quarter under review against Rs 541.84 crore in the year-ago period.

Spencer's Retail's total expenses were Rs 610.78 crore in the quarter.

Its total income in the March quarter fell 2.7 per cent to Rs 549.45 crore.

Spencer's operates 151 stores with a total trading area of 13.36 lakh square feet as of March 31, 2023.

Over the business of Nature Basket, which it has acquired from Godrej Industries, Spencer's Retail said it has reported a standalone turnover of Rs 62 crore.

Natures Basket operates 35 stores with a total trading area of 1.07 lakh square feet as of Mar 31, 2023.

For the fiscal ended March 2023, Spencer's net loss widened to Rs 210.39 crore. It reported a net loss of Rs 121.46 crore in FY22.

Its consolidated revenue from operations was Rs 2,452.58 crore in FY23, 6.64 per cent higher than the preceding fiscal.

Besides, Spencer's Retail further informed that as a 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 w.e.f. 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 5 years w.e.f. November 14, 2023, up to November 13, 2028.

Share of Spencer's Retail Ltd on Monday settled at Rs 61.03 on BSE, down 1.52 per cent from the previous close.