Companies

Spencer’s Q1 net halves

Our Bureau Kolkata | Updated on August 14, 2019 Published on August 14, 2019

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Spencer’s Retail Ltd, part of the RP Sanjeev Goenka Group, reported an over 58 per cent drop in net profit to ₹93 lakh for April-June period of the current fiscal. The standalone net profit in the corresponding period ofl ast fiscal stood at ₹2.22 crore.

Revenue from operations rose 15 per cent to ₹601 crore (₹524 crore). Profit was lower on account of higher expense primarily across categories like purchase of stock-in-trade, finance cost and depreciation and amortisation expense.

The company, in a notice to the bourses, maintained that following adoption of AS 116, the cumulative impact of leases effective April 1, 2019 has been recognised on that date.

It further added that in the results for the current period, operating lease expenses — that were categorised as ‘other expenses’ in previous quarters — have been treated as depreciation and finance cost for the interest accrued on the lease liability.

The board also approved the appointment of Kumar Tanmay as the Chief Financial Officer.

Published on August 14, 2019
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