Spencer's Retail Q2 results: Net loss widens to Rs 87.18 cr on low demand

Spencer's Retail Ltd on Wednesday reported widening of its consolidated net loss to Rs 87.18 crore for the second quarter ended September 30, 2024 impacted by softer consumption and ramping down of operations in NCR region and South markets.

The company had posted a net loss of Rs 70.12 crore in the July-September period a year ago, according to a regulatory filing from Spencer's Retail, a RP Sanjiv Goenka firm.

Its revenue from operations was down 9.75 per cent at Rs 518.03 crore during the quarter under review. It was at Rs 574.04 crore in the year-ago period.

The company witnessed "softer consumption due to heavy monsoon & a delay in consignment delivery which impacted the business growth, said Spencer Retail in its earnings statement.

Total expenses of Spencer's Retail was up around 3 per cent to Rs 666.30 crore in the September quarter.

However, Spencer's Retail total income, which includes other income, was marginally up to Rs 579.05 crore in the September quarter.

"Spencer's delivered a resilient performance amidst a soft trading environment in Q2. ... the earlier announced ramping down of operations in NCR and South, which had a resulting impact on the top line," Chairman Shashwat Goenka said.

It has "delivered robust growth in the continuing regions of East and UP whilst resetting the operating and support costs, the impact of which will fully accrue from Q3," he added.

Share of Spencer's Retail Ltd on Wednesday settled at Rs 93.00 on BSE, up 0.