Calcutta, June 13: Sanjiv Goenka company Spencer’s Retail saw a 20 per cent growth in revenues and a 13 per cent decline in losses in the last financial year.
According to the consolidated balance sheet of CESC, the flagship of the RP-Sanjiv Goenka Group, the revenue of its retail venture grew to Rs 1,251 crore in 2011-12 from Rs 1,039 crore in the fiscal before.
Spencer’s, which restructured its business by closing unviable stores and increasing the size of the new stores, reduced losses to Rs 220 crore in the last fiscal from Rs 253 crore in 2010-11.
However, a steep increase in coal prices and higher freight cost ate into CESC’s consolidated profit, which declined 11 per cent to Rs 246 crore from Rs 278 crore a year before.
The cost of fuel for the power business went up 23 per cent to Rs 1,762 crore in 2011-12 from Rs 1,428 crore in the fiscal before.
The board has recommended a dividend of Rs 5 per share (50 per cent) for the year.