Baazar Style Retail Limited , a prominent player in the retail sector, has witnessed a significant insider transaction. Rohit Kedia, a promoter and Whole-Time Director of the company, has increased his stake through a substantial share purchase on the open market.

Transaction Details

Rohit Kedia acquired 100,000 equity shares of Baazar Style Retail Limited through market buying on the National Stock Exchange (NSE). The transaction, valued at Rs. 291.86 lakh, has resulted in an increase in Kedia's shareholding from 4,360,580 shares (5.84% of the company's equity) to 4,460,580 shares (5.98%).

Regulatory Compliance

In adherence to the Securities and Exchange Board of India (SEBI) insider trading regulations, the transaction was promptly disclosed to the company. Baazar Style Retail Limited, in turn, has duly informed the stock exchanges as per the regulatory requirements.

Company Background

Baazar Style Retail Limited, formerly known as Baazar Style Retail Pvt. Ltd., is a listed entity with its corporate office located in Salt Lake, West Bengal.

Other Corporate Developments

In a separate disclosure, Baazar Style Retail Limited has reported a recent development regarding its tax assessment. The company received a revised Assessment Order under Section 147 of the Income Tax Act, 1961. This order includes a revised notice of demand amounting to ₹1,65,24,278 under Section 156 of the Act for the Assessment Year 2019-20.

This revised demand represents a significant reduction from the original notice of demand of ₹6,17,34,080. The revision came after the Income Tax Authority accepted the company's rectification request application, which highlighted errors in computation and the omission of tax credits totaling ₹4,93,38,476.

Financial Impact

The company has stated that, except for the revised tax liability of ₹1,65,24,278, there is no material impact on its financial operations. The substantial reduction in the tax demand by ₹4,93,38,476 is a positive development for Baazar Style Retail Limited.

As the retail sector continues to evolve, investors and market watchers will likely keep a close eye on further developments at Baazar Style Retail Limited, particularly in light of this insider transaction and the resolution of its tax assessment issues.

Baazar Style Retail , a prominent player in the retail sector, has reported a significant turnaround in its financial performance for the first quarter. The company has successfully reversed its previous year's losses, showcasing robust growth across key financial metrics.

Profit Turnaround

In a remarkable shift, Baazar Style Retail posted a net profit of ₹21.00 million in Q1, marking a substantial improvement from the ₹3.80 million loss recorded in the same period last year. This positive swing in profitability underscores the company's effective strategies and operational improvements.

Revenue Surge

The company's top-line performance was equally impressive, with revenue soaring to ₹3800.00 million, up from ₹2750.00 million in the corresponding quarter of the previous year. This represents a significant year-over-year growth of approximately 38.18%, indicating strong market demand and possibly expanded market share.

EBITDA Growth

Baazar Style Retail's operational efficiency is reflected in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) figures. The company reported an EBITDA of ₹582.00 million, up from ₹420.00 million in the same quarter last year, marking an increase of about 38.57%.

Margin Improvement

The EBITDA margin also saw a slight improvement, rising to 15.32% from 15.27% in the previous year. This uptick, albeit modest, suggests that the company has managed to maintain its operational efficiency while scaling up its business.

Financial Performance Overview

The strong financial results demonstrate Baazar Style Retail's resilience and ability to capitalize on market opportunities. The company's transition from loss to profit, coupled with substantial revenue growth and improved operational metrics, positions it favorably in the competitive retail landscape. As the company continues to execute its business strategies, stakeholders will be keen to observe if this positive momentum can be sustained in the coming quarters.