RPG Group promoted Spencers Retail operating Spencers, Music World, Au Bon Pain Café etc continued to make loss in FY 2012 and it widened to Rs 250 Cr from Rs 190 Cr Previous Year.
The balance sheet is stretched with a net D/E of 2.5x. Other retailing entities like Music World Retail and Au Bon Pain Café also continue to make losses.
Spencer’s Retail annual report has been qualified by auditors regarding recognition of net deferred tax assets of Rs3.2bn based on future profitability projections. Had the impact of the above item been considered, the net worth of the company would have been lower by Rs3.2bn.
Spencers is developing a retail mall in Kolkata on 3.3 acres of land with leasable area of 400,000 sqft and car park of 300,000 sqft.
I guess it is time to look at
Online Retailers in India.
