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    Aditya Birla retail sales up 20%, but finance costs a drag

    Synopsis

    The retail arm of the Aditya Birla Group posted Rs 4,194 crore in sales for the year ended March 2017, while net loss narrowed to Rs 644 crore.

    ET Bureau
    MUMBAI:Aditya Birla Retail, the operator of ‘More’ supermarkets, has reported a 20% increase in sales for 2016-17, though losses continued due to high finance and borrowing costs.

    The retail arm of the Aditya Birla Group posted Rs 4,194 crore in sales for the year ended March 2017, while net loss narrowed to Rs 644 crore, according to company filings with the Registrar of Companies.

    Image article boday
    The fourth-largest supermarket chain in the country after Future Group, Reliance Retail and D’Mart ended the year with 493 ‘More’ branded supermarkets and 20 hypermarkets, covering over 2 million sq ft of retail space. The company reported debt of about Rs 6,573 crore and finance cost of Rs 471 crore for the year. The accumulated debt was mainly due to the acquisition of Trinethra and Fabmall a decade ago and Jubilant’s Total Super Store two years ago.

    Email query to Aditya Birla Retail remained unanswered till as of press time.




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