Raheja-owned Shoppers Stop posts Rs 97-million profit in Q1

Raheja-owned department chain Shoppers Stop posted a profit of Rs 97 million in the first quarter of the current financial year, compared to a loss of Rs 37 million in the corresponding quarter of the previous fiscal. The company's revenues declined by 12 per cent to Rs 8.26 billion in the 2018-19 financial year. But, the company said the numbers were comparable as there was significant increase in taxes due to change from VAT regime to GST regime, reclassification post implementation of Accounting Standard 115. Shoppers Stop increased the EBITDA by 37 per cent from Rs 354 million to Rs 486 million, primarily due to reduction in operating expenses.