Spencer’s Retail Q1 net loss widens to Rs 33.63 cr

RP-Sanjiv Goenka Group arm Spencer’s Retail Ltd on Thursday said its consolidated net loss widened to Rs 33.63 crore for the first quarter ended June 30. The company had posted a net loss of Rs 23.55 crore in the April-June period a year ago, Spencer’s Retail said in a regulatory filing.Its revenue from operations increased 12.5 per cent to Rs 621 crore during the quarter under review against Rs 552 crore in the year-ago period.The company’s total expenses rose 12.47 per cent to Rs 673.03 crore in Q1 FY 2022-23 compared to Rs 598.37 crore a year earlier.Spencer’s operates 155 stores with a total trading area of 13.89 lakh square feet as of Jun 30, 2022.According to the company, its current liabilities, including current borrowings, exceed current assets by Rs 403.73 crore. ‘The Group has access to unutilised credit lines with its bankers and also additional capital from its promoters, if and when required. The Group also has other investments, which can be liquidated, if and when required,” said Spencer’s Retail.