RP-Sanjiv Goenka Group arm Spencer's Retail Ltd on Tuesday reported narrowing of its consolidated net loss to ₹23.55 crore for the first quarter ending June 2021.

The company had posted a net loss of ₹54.62 crore in the April-June period a year ago, Spencer’s Retail said in a regulatory filing.

Its revenue from operations was marginally up at ₹552 crore during the quarter under review. It was ₹547.06 crore in the year-ago period.

Spencer’s Retail’s total expenses were at ₹598.37 crore, down 1.8 per cent, against ₹609.40 crore in the year-ago period. While sharing updates, Spencers Retail said it has made an assessment of the group's performance due to the outbreak of the Covid-19 pandemic during the quarter and has no impact on the business.

"The group is in the business of organised retail which majorly deals With essential commodities. Accordingly, it has assessed that there is no impact on the business of the group since in nation-wide partial lockdown during the quarter and in different periods during the previous year," it added.

The business in essential commodities was not restricted and the requirement of delivery of essential commodities at doorstep has also increased significantly, it added.

"It has also assessed recoverability and carrying value of its assets comprising intangible assets and trade recoverable. Based on current indicators of future economic conditions, the group expects to recover the carrying amount of these assets," it said.

Shares of Spencer’s Retail Ltd on Tuesday settled at ₹96.25 on BSE, down 5.96 per cent from the previous close.

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