Spencer's Retail sees net loss narrowing to Rs 34.53 cr in March qtr

RP-Sanjiv Goenka Group firm Spencer's Retail Ltd on Tuesday reported narrowing of its consolidated net loss to Rs 34.53 crore for the fourth quarter ended on March 2021.

The company had posted a net loss of Rs 49.26 crore in the January-March period a year ago, Spencer's Retail said in a regulatory filing.

Its revenue from operations was down 7.57 per cent to Rs 592.36 crore during the quarter under review, as against Rs 640.88 crore in the year-ago period.

The total expenses of the company fell 7.46 per cent to Rs 650.72 crore in Q4/FY 2020-21, as against Rs 703.18 crore a year ago.

"We were witnessing a month-on-month recovery for the last several months which continued well into this quarter. Though we were impacted due to the resurgence of the pandemic towards the second half of the quarter, this recovery gives us a lot of confidence in the resilience of our business model," Sector Head Shashwat Goenka said.

Despite the fact that recovery in non-food business did not fully happen in Q4, the company's profitability on a consolidated basis has improved demonstrating strong operational efficiencies, he added.

Spencer's Retail said Nature's Basket has reported a standalone turnover of Rs 77 crore.

Spencer's Retail acquired Nature's Basket from Godrej Industries in 2019. Nature's Basket operates with 33 stores with a total trading area of 0.93 lakh square feet as of Mar 31, 2021.

Nature's Basket continues to be EBITDA positive on a quarter-on-quarter basis, it said.

Meanwhile, the company said its results for FY 2020-21 are not comparable pursuant to the acquisition of Nature's Basket on July 4, 2019 as a wholly-owned subsidiary.

For the fiscal year ended on March 31, 2021, Spencer's Retail posted net loss of Rs 163.85 crore. It had a net loss of Rs 130.78 crore in the previous fiscal year.

Its revenue from operations was at Rs 2,428.07 crore in FY 2020-21. It was Rs 2,644.82 crore in FY 2019-20.

Shares of Spencer's Retail Ltd on Tuesday settled at Rs 79.80 on BSE, down 1.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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