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NEW DELHI : Marks and Spencer India Pvt Ltd reported a sharp fall in revenue in financial year 2020-21. In its filing with the Registrar of Companies on Tuesday, the company said revenue was down 77% since the last financial year at 91 crore.

The numbers are based on standalone financials.

In fiscal year 2019-20, the retailer reported a revenue of 402.27 crore. In its 2020-21 filings, accessed via business intelligence platform Tofler, it reported a net profit of 30.4 crore. This is a 17% decrease from the previous financial year at 36.53 crore. Total expenses for the fiscal fell from 352.38 crore in FY19-20 to 50 crore in 2020-2021.

The company said it has appointed Nitin Verma as an additional director and wholetime director with effect from January 2020.

India’s retail sector has had a stormy year since the covid-19 pandemic, with several cities under lockdown for several months in 2020 and 2021.

Work from home mandates, social distancing and restricted mobility impacted sales of apparel in a big way.

With restricted operational guidelines in many cities during the second wave and weak consumer sentiment, the impact on retailers, specifically in apparel, was severe.

The Shopping Centres Association of India estimated that retail lost about 25,000 crore in annual sales and malls about 3,000 crore during the second wave of the pandemic.

The Confederation of All India Traders (CAIT) said localized lockdowns imposed by various states during the second Covid-19 wave also led to a business loss of approximately 15 trillion in the two months of April and May.

In 2019, Marks & Spencer India managing director James Munson said that outside of the UK, India was the largest market for the British company.

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