Spencer's Retail Limited has informed the Exchange about Investor Presentation
SRL:SEC:SE:2025-26/10
May 15, 2025
National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No. C/1, G-Block Bandra-Kurla Complex Bandra (East), Mumbai – 400 051 (Symbol: SPENCERS)
Dear Sir/Madam,
BSE Limited Phiroze Jeejeebhoy Tower Dalal Street Mumbai – 400 001 (Scrip Code: 542337)
Sub: Investor Update and Press Release for the quarter ended March 31, 2025
Pursuant to Regulation 30 of SEBI (LODR) Regulation, 2015, please find annexed herewith a copy of the Investor updates and press release dated May 15, 2025 for the quarter ended on March 31, 2025.
This information is available on the website of the Company at www.spencersretail.com.
You are requested to kindly take the abovementioned information on record and oblige.
Thanking you.
Yours faithfully, For Spencer’s Retail Limited
Navin Kumar Rathi Company Secretary & Compliance Officer
Encl: As above
Spencer's Retail Limited Regd. Office: Duncan House, 31, Netaji Subhas Road, Kolkata-700 001 Corp. Office: RPSG House, 2/4 Judges Court Road, Kolkata-700 027 Tel: +91 33 2487 1091 Web: www.spencersretail.com CIN: L74999WB2017PLC219355
Spencer’s Retail Limited Kolkata: May 15, 2025
Spencer’s Retail EBITDA jumps 400% to ₹60 Crs in FY 25
Spencer’s Retail Limited had its Board Meeting in Kolkata on 15th May to approve the Q4 & FY 25 Financials. The company announced a 400% increase in EBITDA for the 12 month period ending 31st March 2025 with EBITDA at ₹60 Crs (vs ₹14 Crs in FY 24)
Mr. Shashwat Goenka, Chairman, said, Spencer’s delivered a strong operational performance for FY 25 on the back of the strategic decisions and actions taken in H1 to focus on key geographies and optimize the costs in line with the resulting scale. The results of these actions flowed through in H2 with all key operational metrics improving and yielding a significant (4X) improvement in EBITDA for FY 25. This puts the company in a good shape to drive growth across Natures Basket & Spencer’s both in the offline & online verticals whilst keeping the same level of rigor and attention on productivity metrics and costs.
Mr. Goenka added, “Our quick delivery proposition JIFFY launched in Kolkata in January has witnessed good traction with strong growth in both Orders and User base and at healthy AOV’s and we are taking this to a few other cities in UP & West Bengal in the current fiscal”
Unaudited Consolidated Financial Results Highlights for the quarter ended March 31, 2025:
Revenue for the quarter ₹ 412 Crs Gross Margin ₹ 78 Crs at 19% EBITDA breakeven vs -₹8 Crs in Q4 LY PBT ₹(-68) Crs vs ₹ (-)81 Crs in Q4 LY
Unaudited Consolidated Financial Results Highlights for the period ended March 31, 2025:
Revenue for the period ₹ 1995 Crs Gross Margin ₹ 390 Crs at 19.6% EBITDA at ₹ 60 Crs (3% of Sales), vs ₹ 14 Crs (0.6% of Sales) LY. Improvement of ₹ 46 Crs PBT ₹ (-)247 Crs vs ₹ (-)267 Crs Last year
About Spencer’s Retail Limited: Spencer’s Retail Limited (www.spencersretail.com | NSE: Spencers | BSE: 542337), part of RP-Sanjiv Goenka Group, is a multi-format retailer providing a wide range of quality products across categories such as FMCG, fashion, food, staples, general merchandise, personal care, home essentials, electrical and electronics to its consumers specialty sections such as Spencer’s Gourmet, Patisserie, Wine & Liquor are some of the key differentiators in our hypermarket stores and in Natures Basket Limited L’exclusif, Healthy alternatives Disclaimer: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Spencer’s Retail Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
Q4 FY 25
Earnings Presentation
Q4 performance commentary...
• Q4 Sales at Rs 412 Crs vs 547 Crs (LY Q4) – impact of closed stores/regions.
•
Strong efficiency driven EBITDA improvement at Spencer’s
•
•
•
LFL (continuing regions ) flat
Slight drop in Margins 17.8% vs 18.1% in Q4 LY (Liquidation for closed regions)
Sharp reduction in all operating (store+support) costs, Q4 CY 62 crs vs 97 crs Q4 LY
• Q4 Financial EBITDA 2X ( Rs10 Crs & 2.8% of sales) vs Rs -8 Crs (-1.6% of sales) LY
• Natures Basket had a soft quarter
•
-13% YoY Sales de growth, weak SPSF,
• Margins down 300 bps (25.7% vs 28.7% Q4 LY)
•
•
Expenses up at Rs 23 crs. Vs Rs 21 crs. Q4 LY
Financial EBITDA of -4.7 Crs vs +0.2 Cr Q4 LY
• Q4 EBITDA at consolidated level was breakeven vs LY Q4 -8 Crs
• Q4 PBT at consolidated level (-)68cr vs (-)81 in Q4 LY
Consolidated Performance for Q4
Sales in ₹ Cr
Gross Margin %
* Impact of closed stores @ Spencer’s & de growth in same stores in NB
Operating Exp ₹ Cr
(7.7)
547 517 412 Q4 LYQ3 CYQ4 CY19.5%21.3%19.0%Q4 LYQ3 CYQ4 CY119 98 90 Q4 LYQ3 CYQ4 CY Twelve month performance commentary...
•
Revenue de-growth by (-) 15% on YoY basis on account of region closure in Spencer’s in Q2
•
Spencer’s de-growth (-)17% YoY, continuing regions offline SSSG flat with Online growing +13.5%
• Natures Basket flat revenues @ Rs 294 Crs vs Rs 296 Crs in FY 24
• GM% is marginally down at 19.6% (LY 20.2%)
•
Spencer’s region closure impact in Q2 . FY 25 Margins at 18.1% vs LY 18.9%
• Natures Basket margins flat at 27.7% vs 28.6%
• Operating Costs were lower by 50 Crs on account of large scale optimisation at Spencer’s
•
Spencer’s Operating Expenses lower by 76 Crs (Region closure + Corp Office)
• Natures Basket Operating Expenses up by 13 Crs (2 New Store openings/14K TA added)
•
•
EBITDA at 60 Crs (3% of Sales) in FY 25 vs 14 Crs (0.6% of sales) LY, improvement of 46 Crs vs FY 24
FY 25 PBT at (-)247 Crs vs (-)267 Crs in FY 24
We have now fully reset our operating base & associated costs and forward focus will be to drive topline growth both in Spencer’s & Natures Basket across offline & online whlilstkeepi in pursuit of Operational EBITDA breakeven in FY 26
Consolidated Performance FY 25 vs Previous Years
Sales in ₹ Cr
2452
2345
1995
Gross Margin %
* Lower due to impact of closed stores
Operating Exp ₹ Cr
489
484
434
EBITDA in ₹ Cr
60
36
FY23FY24FY25FY23FY24FY2520.1%20.2%19.6%FY23FY24FY2514.0 FY23FY24FY25 Business Highlights-Spencer’s
Efficiency led EBITDA improvement in Q4 @ Spencer’s
Sales in ₹ Cr
Gross Margin %
* Lower due to impact of closed stores
Operating Exp ₹ Cr
EBITDA in ₹ Cr
97 70 62 Q4 LYQ3 CYQ4 CY477 431 351 Q4 LYQ3 CYQ4 CY18.1%19.7%17.8%Q4 LYQ3 CYQ4 CY(7.7)17.5 9.8 Q4 LYQ3 CYQ4 CY Turning EBITDA +ve @ Spencer’s in FY 25
Sales in ₹ Cr
2180
2049
1701
Gross Margin %
* Lower due to impact of closed stores
Operating Exp ₹ Cr
EBITDA in ₹ Cr
409
405
329
34
53
FY23FY24FY25FY23FY24FY2519.0%18.9%18.1%FY23FY24FY250.1 FY23FY24FY25 Setting up Q4’25 for scaling 2X in FY’26
58% YoY User Growth 67k monthly transacting users
47% YoY Order Growth ~4.6 Lakh Bills delivered
Flat Sales ~2% degrowth due to AOV correction
760 Average Order Value 1.5X higher than q-commerce peers
Launch of brand campaigns across ATL channels
Stable app – rated 4.3+, at par with blinkit & big basket on play store Native app with intuitive search & easy checkout leading to best in class traffic -> order conversion of 25%+
Source: Google play console
Business Highlights
•
Launch of Elysium Membership
• Farmers Market in
Kolkata
• 20th Anniversary
Campaign.
• Embassy collaboration with European Union
12
Soft Q4 @ Natures Basket
Gross Margin %
Sales in ₹ Cr
86
Operating Exp ₹ Cr
25.2
EBITDA in ₹ Cr
(4.6)
13
70 61 Q4 LYQ3 CYQ4 CY22 23 Q4 LYQ3 CYQ4 CY28.7%28.9%25.7%Q4 LYQ3 CYQ4 CY0.2 0.4 Q4 LYQ3 CYQ4 CY FY 25 Natures Basket Performance
Sales in ₹ Cr 296
294
274
Gross Margin %
Operating Exp ₹ Cr
EBITDA in ₹ Cr
14
FY23FY24FY2528.4%28.6%27.7%FY23FY24FY250.6 13.6 18.87 FY23FY24FY25 +53 Cr increase in EBITDA in FY 25 vs FY 24 (@3.1% of Sales)
YoY not LFL given Q2 closure of 47 stores
Margin 80 bps down – impact of closures in Q2
76 Cr reduction in operating costs vs FY 24
Significant EBITDA Improvement both in Q4 & FY 25 vs LY Same periods
May-25
| RP-Sanjiv Goenka Group Presentation
15
Growth31-Mar-2531-Dec-2431-Mar-24Y-o-YQ-o-Q31-Mar-2531-Mar-24Y-o-Y1 - 2 New Stores added3 4 89 90 133 Total Store count89 133 -33%0.06 - 0.11 TA added (Lac sq.ft)0.28 0.34 7.67 7.81 12.51 TA exit (Lac sq.ft)7.67 12.51 -38.7%351 431 477 -26.4%-18.6%Revenue from operations1,701 2,049 -17.0%289 346 390 -26%-17%Cost of Goods Sold1,393 1,662 -16%62 85 86 -28%-26%Gross Margin307 387 -20.5%17.8%19.7%18.1%-36 bps-188 bpsGross Margin %18.1%18.9%-80 bps23 21 39 -43%9%Employee expenses115 161 -29%39 49 58 -33%-21%Other expenses214 244 -12%9 2 3 183%268%Other income75 19 302%10 17 (8) EBITDA52.9 0 2.8%4.1%-1.6%441 bps-126 bpsEBITDA %3.11%0.0%310 bps17 14 21 Depreciation106 93 14%31 33 33 Finance costs132 119 10%(38) (29) (63) PBT(185) (212) -13%-10.9%-6.8%-13.1%223 bps-412 bpsPBT %-10.9%-10.3%-53 bps- - - Tax Expenses- - (38) (29) (63) PAT(185) (212) (0.0) 0.2 2.3 Other Comprehensive Income0.6 0.8 (38) (29) (60) Total Comprehensive Income(184) (211) 3 months endedGrowthSRL Standalone (₹ Cr) 12 months ended Improved EBITDA on a flat topline @ Natures Basket in FY 25
Margin 90 bps down – impact of closures in Q2
16
Growth31-Mar-2531-Dec-2431-Mar-24Y-o-YQ-o-Q31-Mar-2531-Mar-24Y-o-Y- 2 3 New Stores added2 5 32 34 34 Total Store count32 34 -6%0.14 0.17 TA added (Lac sq.ft)0.14 0.30 1.24 1.29 1.20 TA exit (Lac sq.ft)1.24 1.20 3.1%61 86 70 -13%-29%Revenue from operations294 296 -0.7%45 61 50 -10%-26%Cost of Goods Sold212 211 1%16 25 20 -22%-37%Gross Margin81 85 -3.8%25.7%28.9%28.7%-302 bps-319 bpsGross Margin %27.7%28.6%-89 bps9 9 8 3%-2%Employee expenses35 30 15%14 16 13 8%-14%Other expenses57 49 18%3 1 2 57%225%Other income30 8 270%(4.66) 0.4 0.2 EBITDA18.9 13.6 -7.7%0.4%0.2%-793 bps-811 bpsEBITDA %6.4%4.6%183 bps10 7 10 Depreciation35 38 -7%10 8 7 Finance costs31 27 14%(24) (15) (17) PBT(48) (52) -8%-40.0%-17.0%-24.7%-1537 bps-2300 bpsPBT %-16.3%-17.5%124 bps- - - Tax Expenses- - (24) (15) (17) PAT(48) (52) (0.1) (0.0) (0.1) Other Comprehensive Income(0.1) (0.0) (24) (15) (17) Total Comprehensive Income(48) (52) 3 months endedGrowthNBL Standalone (₹ Cr) 12 months ended Efficiency led EBITDA improvement in FY 25, driving profitable growth to be key priority going forward
Drop in Topline dues to closure of 47 stores @ Spencer’s in Q2
Good % GM delivery despite reduced scale & closure
50 Cr reduction in operating costs vs LY (driven by Spencer’s)
46 Cr EBITDA improvement in FY 25
17
Thank You
About Spencer’s Retail Limited: Spencer’s Retail Limited, part of RP-Sanjiv Goenka Group, is a multi-format retailer providing a wide range of quality products across categories such as FMCG, fashion, food, staples, general merchandise, personal care, home essentials, electrical and electronics to its consumers. specialty sections such as Spencer’s Gourmet, Patisserie, Wine & Liquor and Epicuisine section are some of the key differentiators in our hypermarket stores and in Natures Basket Limited L’exclusif, healthy alternatives and Natures. The first ever hypermarket in India was launched by Spencer’s in Hyderabad in 2000. Today, Spencer’s (including Natures Basket) runs 131 stores with a total 10.34 Lacs Square Feet in over 27 cities in India. Spencer’s brand positioning – MAKES FINE LIVING affordable – embodies its philosophy of delighting shoppers with the best products and services that enable a fine living at reasonable prices, while providing them with a warm, friendly and educational retail environment. Value Market format is ‘maha bachat har din’ on your daily essentials household needs with best quality. Natures Basket Limited is a one shop destination for all multi cuisine cooking needs, healthy food including international food products. ORIPL is an E-commerce company 100% owned Subsidiary of Spencer’s Retail Limited. It is an OMNI Channel platform for Food, Grocery, Fresh, Apparel, General Merchandise and Liquor. Disclaimer: Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Spencer’s Retail Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
May-25
| RP-Sanjiv Goenka Group Presentation
18