Spencers Retail has announced a significant change in its top financial leadership. The company's Board of Directors has approved the appointment of Manjir Basu as the new Chief Financial Officer (CFO) and Key Managerial Personnel, effective September 19, 2025. This decision comes as the current CFO, Sandeep Kumar Banka, transitions to a new role within the group.

Board Approval and Committees' Recommendations

The appointment of Manjir Basu was approved by the Board of Directors following recommendations from both the Nomination and Remuneration Committee and the Audit Committee. This decision was made during a board meeting held on September 19, 2025, which commenced at 10:00 a.m. and concluded at 10:50 a.m.

Manjir Basu's Professional Background

Manjir Basu brings a wealth of experience to his new role at Spencers Retail:

• Qualifications: Chartered Accountant with a B.Com degree from St. Xavier College, Kolkata
• Experience: Over 20 years in financial management and business finance
• Expertise: Specializes in cost control, treasury, fund raising, working capital management, compliance, risk management, stakeholder management, and driving digital transformation

Transition in Financial Leadership

The change in CFO position involves:

• Outgoing CFO: Sandeep Kumar Banka will cease to be the CFO of Spencers Retail from September 19, 2025
• New Role: Banka will be moving to a new position within the group

Regulatory Compliance

Spencers Retail has made this announcement in compliance with Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015. The company has also provided detailed disclosures as required under the SEBI Master Circular dated November 11, 2024.

This leadership change comes as Spencers Retail continues to navigate the competitive retail landscape in India. The appointment of Manjir Basu, with his extensive experience in financial management and digital transformation, may signal the company's focus on strengthening its financial strategies and embracing technological advancements in the retail sector.

Spencers Retail , a prominent player in India's retail sector, has reported mixed results for the first quarter, with marginal growth and improved margins across its various business segments.

Consolidated Performance

The company achieved a modest 1% quarter-on-quarter consolidated revenue growth. Despite the slow top-line growth, Spencer's Retail demonstrated significant improvement in profitability metrics:

• EBITDA improved by 119 basis points, reaching INR 5.00 crores at the consolidated level, compared to breakeven in Q4.
• PBT (Profit Before Tax) loss reduced to INR 62.00 crores from INR 68.00 crores in the previous quarter.

Segment-wise Performance

Spencer's Offline Business

• Revenue remained flat due to supply issues and deflationary pricing on staples.
• Margins improved to 19.10%, with EBITDA increasing to INR 15.00 crores from INR 10.00 crores in Q4.

Online Business (Jiffy)

• Showed strong growth with a 20% year-on-year increase in sales.
• Crossed 100,000 monthly average users, representing an 80% growth.
• Achieved 6,500 orders per day.

Nature's Basket

• Revenue grew sequentially to INR 69.00 crores from INR 61.00 crores in Q4.
• Margins recovered to 28.20% from 25.00% in the previous quarter.

Strategic Initiatives and Future Outlook

Spencer's Retail is shifting its focus from efficiency-led to top-line growth-driven EBITDA improvement. The company has outlined several strategic initiatives:

1. Launched a membership program in July, with over 22,000 sign-ups already.
2. Plans to add 8-10 new stores with a capex of INR 10.00-12.00 crores.
3. Targeting mid-single-digit growth for the offline business and 50% growth for online operations.

Management Commentary

Anuj Singh, CEO of Spencer's Retail, commented on the results during the earnings call: "We are switching gears from an efficiency-led EBITDA improvement to driving a top line-led EBITDA improvement. We have a planned playbook and clear levers identified for both the offline and online parts of the business in Spencer's as well as Nature's Basket."

Financial Position

The company's net debt stood at INR 950.00 crores as of June 30. Spencer's Retail plans to repay around INR 140.00 crores of debt in the current financial year.

Conclusion

While Spencer's Retail faces challenges in driving top-line growth, the company's focus on margin improvement and strategic initiatives in both offline and online segments shows promise. The upcoming festive season starting in August is expected to provide tailwinds for growth, and management remains committed to capitalizing on these opportunities to build momentum in top-line growth.

Investors and analysts will be closely watching the company's performance in the coming quarters to see if the shift in strategy translates into improved financial results and market position.