Vishal Retail on Monday posted a profit of 10.47 crore for the fourth quarter ended March 31, 2011, compared to a loss of 128.92 crore in the same period the previous fiscal, primarily on the back of gain from an extraordinary item. The company's standalone net sales for the three month period declined 37.99% to . 157.88 crore against . 254.63 crore in the same period last fiscal. “The extraordinary items amounting to . 76.58 crore is on account of remission/concessions in interest payable granted by secured/ unsecured lenders arising out of settlement of loans and terms of corporate debt restructuring,” the filing said.
In 2009, Vishal Retail got into financial trouble and piled up debt of around 730 crore. It was forced into a corporate debt restructuring (CDR) programme.
The company's net sales fell by 3.69% to . 1,064.64 crore in 2010-2011, against . 1,105.45 crore in the prior fiscal.