Spencer’s Retail gains 5% on plans to reduce debt

In a filing, Spencer’s Retail said that its subsidiary Natures Basket is expected to reduce its debt in due course by Rs 100 crore (approximately) through a mix of loan restructuring and repayment of loans.

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Shares of Spencer’s Retail were trading nearly 5 percent higher on November 28 during early trades, driven by plans to reduce debt. At 10:30 am, the stock for Spencer’s Retail was trading at Rs 77.40.

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In a filing, Spencer’s Retail said that its subsidiary Nature’s Basket is expected to reduce its debt in due course by Rs 100 crore (approximately) through a mix of loan restructuring and repayment of loans.

The company added that the sale of a certain part of company’s minority stake is also under consideration, and Spencer’s business will take some more time to generate net profit. Nature’s Basket is expected to have positive EBITDA during the current year.

Also read: Spencer Retail Consolidated September 2023 Net Sales at Rs 574.04 crore, down 11.59% Y-o-Y

Spencer’s Retail and its subsidiary Nature’s Basket are a part of RP- Sanjiv Goenka Group. In Q2FY23, the company reported net loss of Rs 70.12 crore against Rs 53.78 crore for the same period last fiscal.

In a release, Shashwat Goenka, Group Chairman, said that the business had seen muted growth in the quarter as the company had to take “some hard decisions on improving profitability through closure of loss making stores in non-strategic geographies in South India.”

He added that they had witnessed an improvement of 65bps in the gross margins despite a hyper competitive operating environment and that the company continued to stay committed to driving both top line and profitability in the balance part of the Fiscal.

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