After 12 years of operation, Tata-owned Infiniti Retail Ltd, owning the Croma electronics retail chain, has reported its first net profit in FY 2018. Now, the company is "confident of progressive reduction in the accumulated losses" due to profitability.
According to the filings made with the Registrar of Companies (RoC), Infiniti Retail posted a net profit of Rs 16.64 crore during 2017-18 compared with a net loss of Rs 57.16 crore in the fiscal before. The accumulated losses of the company have thereby been reduced to Rs 756.08 crore.
Avijit Mitra, CEO of Infiniti Retail, said, "We have been fortunate to receive an overwhelming response from our customers and this has resulted in strong growth and the big swing in profitability in FY17 and again in FY18. The current year is also looking strong with 20% same-store growth as of October and 30% overall growth with last year's launches firing as per plan."