R P Sanjiv Goenka Group's flagship CESC Ltd on Friday said CESC Ventures will be long-term debt free by March-end.
Spencers Retail and CESC Ventures, carved out of CESC Ltd, got listed on Friday in both the bourses, NSE and BSE.
In an interview to CNBC-TV18, Sanjiv Goenka, chairman, said, "In the first half of this year, Spencers Retail had positive profit before tax of Rs 5.2 crore and about 13 percent of sales come from private labels, which leads to higher margins.
"Spencers Retail has added 19 new stores and all are doing well. The company is planning to add nine more stores in the current financial year and 28 more stores in FY20. There is no debt on the books," Goenka said.
"Overall, Spencers Retail is on the right track. It has had a calibrated growth and a measured route to profitability, but now that it is profitable, one will see a different Spencers," he said.
Goenka said FMCG business revenues are currently around Rs 600 crore and the fundamental premise of the product portfolio is taste, which is healthy.
According to him, growth for retail will come essentially from three geographies that is east Uttar Pradesh, Andhra Pradesh and West Bengal, "As far as 'Too Yumm' and FMCG is concerned, it's fairly safe to say we are the fastest growing FMCG start up in the country and probably would be the fastest FMCG company to reach the Rs 1,000 crore mark."