Spencer’s Retail, a part of RP-Sanjiv Goenka Group (RPSG), has seen standalone net loss widening to ₹48 crore for the quarter ended March 31, 2023, as against a net loss of ₹28 crore same period last year.
Revenue from operations on standalone basis increased marginally by around one per cent at ₹482 crore (₹476 crore) .
The company’s board has appointed Shashwat Goenka as the Chairman of the company effective May 23, 2023.
“As a part of succession planning and since Shashwat Goenka is overseeing the affairs of the company, Sanjiv Goenka, being the non-executive non independent director has stepped down from the position of Chairman and Director of the company with effect from close of business hours on May 22, 2023. Shashwat Goenka has been appointed by the board as the Chairman of the company w.e.f. May 23, 2023,” the company said in a notification to BSE on Monday.
For the year ended March 31, 2023, the company’s net loss widened to ₹153 crore (₹85 crore loss) .
“The company has incurred a net loss after tax of ₹153 crore for the year ended March 31, 2023 and its current liabilities, including current borrowings, exceeds current assets by ₹411 crore as on 31st March 2023. The company has access to unutilised credit lines with its bankers and additional capital from its promoters, if and when required. It also has other investments which can be monetised, if and when required. Further, the company has been expanding its operations, expanding private brand, building growth towards the non-food segments (including own branded apparel), improvement of margins through dis-continuance of loss making/ low margin stores etc. In view of the above factors, and the approved business plan for the next year, the management is confident of its ability to generate sufficient cash to fulfil all its obligations, including debt repayments, over the next 12 months,” it said.
The company’s scrip closed at ₹61.03, down by 1.52 per cent on the BSE on Monday.