Spencer's Retail Ltd. · NSE:SPENCERS
Spencer's Retail — Q4 FY25 Earnings Presentation
20 slides from Spencer's Retail's earnings presentation, May 15, 2025
Slide 1: Exchange filing cover letter for Q4 FY25 investor update
SRL:SEC:SE:2025-26/10 May 15, 2025 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor Phiroze Jeejeebhoy Tower Plot No. C/1, G-Block Dalal Street Bandra-Kurla Complex Mumbai – 400 001 Bandra (East), (Scrip Code: 542337) Mumbai – 400 051 (Symbol: SPENCERS) Dear Sir/Madam,
Slide 2: Spencer's Retail EBITDA jumps 400% to ₹60 Crs in FY 25
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 31 st March
Slide 3: Q4 FY 25 Earnings Presentation
Q4 FY 25 Earnings Presentation
Slide 4: Q4 performance commentary
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
Slide 5: Consolidated Performance for Q4
Consolidated Performance for Q4 Sales in ₹ Cr Gross Margin % 21.3% 547 19.5% 19.0% 517 * Impact of closed stores @ Spencer’s & de growth in same stores in NB 412 Q4 LY Q3 CY Q4 CY Q4 LY Q3 CY Q4 CY Operating Exp ₹ Cr 119 98 90 Q4 LY Q3 CY Q4 CY (7.7)
Slide 6: Twelve month performance commentary
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
Slide 7: Consolidated Performance FY 25 vs Previous Years
Consolidated Performance FY 25 vs Previous Years Sales in ₹ Cr Gross Margin % 2452 2345 20.1% 20.2% 1995 19.6% * Lower due to impact of closed stores FY23 FY24 FY25 FY23 FY24 FY25 Operating Exp ₹ Cr EBITDA in ₹ Cr 489 60 484 434 36 14.0 FY23 FY24 FY25 FY23 FY24 FY25
Slide 8: Business Highlights-Spencer's
Business Highlights-Spencer’s
Slide 9: Efficiency led EBITDA improvement in Q4 @ Spencer's
Efficiency led EBITDA improvement in Q4 @ Spencer’s Sales in ₹ Cr Gross Margin % 19.7% 18.1% 17.8% 477 431 * Lower due to 351 impact of closed stores Q4 LY Q3 CY Q4 CY Q4 LY Q3 CY Q4 CY Operating Exp ₹ Cr EBITDA in ₹ Cr 17.5 97 9.8 70 62 (7.7) Q4 LY Q3 CY Q4 CY Q4 LY Q3 CY Q4 CY
Slide 10: Turning EBITDA +ve @ Spencer's in FY 25
Turning EBITDA +ve @ Spencer’s in FY 25 Sales in ₹ Cr Gross Margin % 2180 2049 1701 19.0% 18.9% 18.1% * Lower due to impact of closed stores FY23 FY24 FY25 FY23 FY24 FY25 Operating Exp ₹ Cr EBITDA in ₹ Cr 409 405 53 329 34 0.1 FY23 FY24 FY25 FY23 FY24 FY25
Slide 11: Setting up Q4'25 for scaling 2X in FY'26
Setting up Q4’25 for scaling 2X in FY’26 58% 47% YoY User Growth YoY Order Growth 67k monthly transacting users ~4.6 Lakh Bills delivered Flat 760 Sales Average Order Value ~2% degrowth due to AOV correction 1.5X higher than q-commerce peers
Slide 12: Launch of brand campaigns across ATL channels
Launch of brand campaigns across ATL channels
Slide 13: Stable app – rated 4.3+, at par with blinkit & big basket
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
Slide 14: Business Highlights
Business Highlights • Launch of Elysium Membership • Farmers Market in Kolkata • 20th Anniversary Campaign. • Embassy collaboration with European Union 12
Slide 15: Soft Q4 @ Natures Basket
Soft Q4 @ Natures Basket Sales in ₹ Cr Gross Margin % 28.7% 28.9% 86 25.7% 70 61 Q4 LY Q3 CY Q4 CY Q4 LY Q3 CY Q4 CY Operating Exp ₹ Cr EBITDA in ₹ Cr 25.2 23 22 0.2 0.4 (4.6) Q4 LY Q3 CY Q4 CY Q4 LY Q3 CY Q4 CY 13
Slide 16: FY 25 Natures Basket Performance
FY 25 Natures Basket Performance Sales in ₹ Cr Gross Margin % 296 294 274 28.4% 28.6% 27.7% FY23 FY24 FY25 FY23 FY24 FY25 EBITDA in ₹ Cr Operating Exp ₹ Cr 18.87 13.6 0.6 FY23 FY24 FY25 14
Slide 17: +53 Cr increase in EBITDA in FY 25 vs FY 24
+53 Cr increase in EBITDA in FY 25 vs FY 24 (@3.1% of Sales) 3 months ended Growth 12 months ended Growth SRL Standalone (₹ Cr) 31-Mar-25 31-Dec-24 31-Mar-24 Y-o-Y Q-o-Q 31-Mar-25 31-Mar-24 Y-o-Y 1 - 2 New Stores added 3 4 89 90 133 Total Store count 89 133 -33% 0.06 - 0.11 TA added (Lac sq.ft) 0.28
Slide 18: Improved EBITDA on a flat topline @ Natures Basket in FY 25
Improved EBITDA on a flat topline @ Natures Basket in FY 25 3 months ended Growth 12 months ended Growth NBL Standalone (₹ Cr) 31-Mar-25 31-Dec-24 31-Mar-24 Y-o-Y Q-o-Q 31-Mar-25 31-Mar-24 Y-o-Y - 2 3 New Stores added 2 5 32 34 34 Total Store count 32 34 -6% 0.14 0.17 TA added (Lac sq.ft) 0.14 0.30
Slide 19: Efficiency led EBITDA improvement in FY 25, driving profitable growth to be key priority
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 improve
Slide 20: Thank You
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 electr