Shoppers Stop witnessed a 5 percent decline in its shares during early trade on Friday following the company’s report of a significant 41.26 percent drop in consolidated net profit, totaling Rs 36.85 crore for the third quarter ending December 2023.
The stock dipped 4.75 percent to Rs 668.15 on the BSE and fell 4.99 percent to Rs 667.40 on the NSE.
According to the regulatory filing from Shoppers Stop, the company had recorded a net profit of Rs 62.74 crore in the same period a year ago. Despite the profit decline, the company’s revenue from operations showed an 8.83 percent increase, reaching Rs 1,237.52 crore for the quarter under review, compared to Rs 1,137.07 crore a year ago.
However, total expenses for the December quarter rose by 10.62 percent to Rs 1,189.96 crore, contributing to the overall market response to the earnings report.
