Vishal Retail Q4 loss rises

Vishal Retail on Tuesday reported a 12.38 per cent rise in its net loss for the March quarter to Rs 128.93 crore, amidst its struggle to overcome the huge debt burden.

The company had a net loss of Rs 114.73 crore during the same quarter previous fiscal.

Its total income, however, registered a growth of 9.34 per cent during the fourth quarter at Rs 254.64 crore as against Rs 232.89 crore in the same quarter of 2008-09.

The Delhi-based retailer is currently undergoing a corporate debt restructuring (CDR) exercise to make it eligible for fresh injection of equity following a severe credit crunch last year.

The retailer has debts worth Rs 735 crore and its dozen-odd lenders have been undertaking the CDR to make it eligible for fresh injection of equity.