Home Latest News Spencer’s Retail Q4 net loss narrows to under Rs 35 cr

Spencer’s Retail Q4 net loss narrows to under Rs 35 cr

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Spencer’s Retail Ltd has reported a YoY lowering of its net loss for Q4 FY21 to touch Rs 34.53 cr compared to a net loss of Rs 49.26 cr in the March quarter of FY20, as a result of cost optimisation measures undertaken during the fiscal.

Total income for the quarter was at Rs 616.03 cr, representing a drop of  5.77% YoY. Net sales revenues were down by 10.25% compared to total revenues in the December 2020 quarter at Rs 686.37cr. Full year revenues for FY21 were 7.3% lower at Rs 2,482 cr, the company said in its earnings statement.

Nature’s Basket has reported a standalone turnover of Rs 77 crore, the company said.

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

“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 acquired Nature’s Basket from Godrej Industries in 2019. Nature’s Basket operated with 33 stores with a total trading area of 0.93 lakh square feet as of March 31, 2021.

The company pointed out that its results for FY21 are not comparable to FY20 pursuant to the acquisition of Nature’s Basket on July 4, 2019 as a wholly-owned subsidiary.