ISSN : 2348-6503 (Online) International Journal of Research in Management &

Vol. 4 Issue 3 Jul. - Sept. 2017

ISSN : 2348-893X (Print) Business Studies (IJRMBS 2017)

Financial Performance of Retail Sector

Companies in India- An Analysis
I
Dr. Parul Khanna, IIKanika
I
Associate Professor, Rayat Bahra Institute of Management, Hoshiarpur, Punjab, India
II
Research Scholar, I. K. Gujral Punjab Technical University, Kapurthala, Punjab, India

Abstract
The Indian retail industry is witnessing large and far reaching changes in last 2 decades of development. Many big Indian corporate
have already build significant businesses in different format and sectors of retail. The modernization process started by modern
retailers has made positive impact on independent retailers who have also upgraded in terms of assortment, delivery and ambience.
The present study made an attempt to study the performance of retail sector by taking annual time series data from 2001 to 2015 by
taking into account descriptive analysis. The descriptive analysis includes the estimation of mean score, standard deviation, minimum
score and maximum score of the selected five financial indicators like annual sales revenue, Profit after tax (here after PAT), Earnings
per share, Price-Earning ratio, Enterprise Value with respect to all the selected listed retail sector companies in India. The study
found the performance of the selected retail companies on the basis of the parameters chosen.

Key Words
Descriptive, EPS, Indian, PAT, Retail.

Introduction and knowledgeable about different variety and usage of

products.
Retail Sector in India h) Modern Trade Format: Tier I, Tier II, Tier III cities and
For more than a decade, the Indian retail sector is the quickest towns across urban areas of India has accelerated the growth
developing, exceedingly focussed, mostly unorganised, of organised retail sector.
multifaceted and most rapidly changing retail market of the world i) Nuclear families: The fastest increase in urbanisation has
(Kaur, 2011). From the current market size of 500 billion USD, led towards the trend of nuclear families which indeed leads
the Indian Retail segment is likely to reach 1.3 trillion USD by to the rapid development of organised retail in India.
2020. More than 20% of the Country’s GDP and over 8% of
the total employment is represented by the Indian retail Sector Table 1: Share of organised retail to total retail
(FICCI retail report, 2012). In single brand retail trading, the Country Share of organised retail to total retail
cumulative FDI (Foreign Direct Investment) inflow stood at 69.26
US 85%
million USD during April 2000 to June 2011(FICCI retail report,
2012). Across all the categories and segments the organised retail UK 80%
(5% penetration) is expected to reach USD 220 billion from the Malaysia 55%
current level of 27 billion USD (6 times more).The Indian retail Thailand 40%
segment is expected to grow at a CAGR of 15 to 20% (FICCI
Philippines 35%
retail report, 2012).
Indonesia 25%
Determinants of Organised Retailing in India China 20%
a) Higher Incomes/More Discretionary avenues of Money: South Korea 15%
The average income of the Indian Consumers has increased
India 5%
which leads to the buying of necessary and unnecessary
items. Source: FICCI Retail Report September 2012
b) Growing consumption pattern: The consumption pattern
of Indian Consumers is on the sprouting stage which may From Table 1 it is found that India is having the least % of organised
emerge different and varied consumption patterns. retail to total retail and the developed countries are having the
c) Replacement Demand: The demand for the substitutes has highest percentage of organised retail to total retail.
been increased due to rapid change in technology and new This paper has divided into three different sections to study the
lifestyle trends. performance of Indian Retail Sector from 2001 to 2015. Section I
d) Rural Population: About 700 million people are living in discusses the Introduction and the background of the study. Section
rural areas which itself is presenting an opportunity for retail II discusses the performance of retail sector by taking different
and consumer companies to set up their business in rural variables like annual sales revenue, Profit after tax (here after
areas. PAT), Earnings per share, Price-Earning ratio, Enterprise Value
e) Urbanisation: The population of India is shifting from rural and Section III will throw light on conclusions.
to urban areas with increase in rural incomes The main financial indicators i.e. annual sales revenue, Profit
f) Easy Finance: The Indian consumers are now having easy after tax(here after PAT), Earnings per share, Price-Earnings
access to credit with more use of plastic money like Debit Ratio, Enterprise Value are considered in order to analyse the
Card, Credit Card, Internet banking, Mobile Banking etc. performance of selected retail sector companies in India. The
g) Awareness: Now-a-days, Indian consumer is more cautious analyses of the retail sector companies performance is done with

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International Journal of Research in Management & ISSN : 2348-6503 (Online)
Vol. 4 Issue 3 Jul. - Sept. 2017
Business Studies (IJRMBS 2017) ISSN : 2348-893X (Print)

the help of descriptive analysis. The descriptive analysis includes Statement of the Problem
the estimation of mean score, standard deviation, minimum score As the Indian retail sector is growing at a very fast pace for more
and maximum score of the selected financial indicator with respect than a decade. The Retail market of India is going to reach $1.3
to all the selected listed retail sector companies in India. The results trillion by 2020 from its present status of 500 billion. The retail
of mentioned analysis are discussed in subsequent sub-sections. market in India is highly unorganised (95%) and mere 5% is the
only share of organised segment. Thus, need arises that an attempt
Review of Literature should be made to study the financial performance of listed multi-
Sinha and Banerjee (2004) recommended that developing retail brand retail companies to know how these companies are growing
condition in India is by all accounts influencing the introduction in this post liberalization era.
and Indian retailing is confronting a move. He recommended that
retailers in shopping centres need to take up the undertaking of Objectives of the Paper
exhibiting the esteem included by the store - the arrangement of (1) To study the financial performance of listed retail sector
the store could be the prime driver. Singhal (2004) called attention companies in India.
to that the important purpose behind the robust development in (2) To find out the best company on the basis of the selected
retail trade is the essential type of camouflaged unemployment/ parameters.
underemployment. Given the pain in farming and given the
deceleration in the assembling segment, most families, regardless Research Methodology
of whether urban or rustic, have no place to swing to however Sample Design: The organised eight retail sector companies have
retailing. As indicated by worldwide consultancy firms AC Neilsen been selected for the study. The selected companies are the listed
and KSA Technopak, India has the most elevated shop mass and companies either in BSE or NSE and these companies are multi-
compactness in the world. Radhakrishnan (2003) examined that brand retail companies whose data is maximum available from
current stores have a tendency to be bigger, convey more stock 2001 to 2015.
keeping units have a self administration arrange and an empirical
climate. Present day organizes additionally have a tendency to Table 2: Main Retail companies in India
have more elevated amounts of offers per unit of space, stock Name of the company Listing year Promoters
turnover and gross edge however bring down levels of net edge
Aditya Birla Fashion Mr. Kumar
when contrasted with conventional organizations. Rao (2001) BSE, NSE
& Retail Ltd. Mangalam Birla
in his review clarified that outside direct interest in the retail
segment in India, in spite of the fact that not yet allowed by Cantabil Retail India
BSE, NSE Mr. Vijay Bansal
government, is attractive, as it would enhance profitability, Ltd.
effectiveness and increment aggressiveness. Clients likewise pick Future Enterprises Mr. Vijay Kumar
BSE, NSE
up as costs in the new stores have a tendency to be lower. The Ltd. Chopra
results of modernization in India might be to some degree diverse Future Retail Ltd. BSE, NSE Mr. Kishore Biyani
because of lower obtaining power and the new stores may take into
Mandhana Retail Mr. Pradip. V
account just labelled items meant for higher income fragments. BSE, NSE
Ventures Ltd. Dubhashi
Berman and Evans (2001) broke down that Retailing has turned
out to be more composed and chain stores have been developing Provogue (India) Ltd. BSE, NSE Mr. Arun Bhargava
to the detriment of autonomous shops. Current arrangements, Mr. Chandru
Shoppers Stop Ltd. BSE, NSE
for example, retail chains, general stores, fast food outlets, Raheja
hypermarkets have raised in the twentieth century. The chains Mr. Ram Chandra
are using advanced data innovation and correspondence to deal V 2 Retail Ltd. BSE, NSE
Agarwal
with their operations and have developed quickly not just inside
their nations of origin like US, UK, France and so forth yet to Sources of Data: The data required for the study were collected
other created nations and all the more critically in the NICs and from various published secondary sources, that is, the database
Asian nations. Aitken (1997) had suggested that FDI should be of CMIE (Centre for Monitoring Indian Economy), FICCI retail
promoted in a country for the successful promotion of retail trade. report, PWC retail report, DIPP (Department of Industrial Planning
They studied the garment industry in Bangladesh and found that and Promotion), FIPB (Foreign Investment Promotion Board),
a single Korean Multinational in Garment industry had prompted Indian Retail Association etc. The data were also collected from
the set up of an extensive no of household fare firms and the different web sources, that is, www.ibef.org; www.indiaretailing.
retail division of a host nation ought to be prepared to retain the com etc. www.indiaretailing.com.
new technology. Dutt (1997) had studied the effect of FDI sector
wise and analysed that the growth of FDI in a particular country Hypotheses
depends upon the type of sectors that are receiving FDI. Retail H01: There is no significant difference between the average mean
sector showed a positive response in developing countries with values of selected retail companies during different years of the
increase in skills and productivity of workforce in host country. study period.
De Mello and Sinclair (1995) studied that to promote FDI in retail H02: There is no significant difference between the maximum
sector, large amount of acquisition of capital is not essential as it value and minimum value of selected retail companies during
can promote the transfer of knowledge as well as technology by different years of the study period.
joint ventures, licensing, management contracts etc. Tools for Data Analysis: The statistical tools applied for
descriptive analysis of data are average mean value, standard
deviation, minimum value, maximum value using SPSS 21 and

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ISSN : 2348-6503 (Online) International Journal of Research in Management &
Vol. 4 Issue 3 Jul. - Sept. 2017
ISSN : 2348-893X (Print) Business Studies (IJRMBS 2017)

E-views. is collected in the research study. The selected financial indicators

Scope of the Study: The scope of the present paper is divided includes the annual sales revenue, Profit after tax (here after PAT),
into five parts and each part deals with the importance of one Earnings per share, Price-Earnings ratio and Enterprise Value.
parameter towards the analysis of financial performance of retail The descriptive analysis of the selected performance indicators
sector companies. is discussed below.

Analysis, Results and Discussion 1. Market capitalization of retail sector companies

Descriptive statistics of performance indicators of the Retail sector Market Capitalization commonly called as Market Cap is the most
companies in India. important factor that helps the investor to establish a risk-return
In order to analyse the performance of retail sector companies in relationship related to a share.
India, the annual time-series data of the selected financial indicators

Table 3: Descriptive analysis of the Market Capitalization of the selected retail sector companies in India
Average Market Standard Minimum Market Maximum Market
Company Median
Capitalisation Deviation Capitalization Capitalization
Aditya Birla Fashion Retail 36803.4825 16306.1400 46662.63178 8318.94 (2013) 106282.71 (2016)
Cantabil 631.9957 604.12 357.0663 240.83 (2011) 1033.54 (2016)
Future Enterprises Ltd. 39691.97 37765.58 33787.12 399.58 (2001) 125131.2 (2007)
Future Retail Ltd. 60519.8700 60519.8700 0 60519.8700 (2016) 60519.8700 (2016)
Mandhana Retail Ventures Ltd. 4320.46 4320.46 0 4320.46 (2016) 4320.46 (2016)
Provogue (India) Ltd 5220.6075 2789.8400 6613.86391 806.22 (2014) 24518.46 (2007)
Shoppers Stop Ltd. 25285.28 23799.15 10937.2 6031.79 (2008) 41351.5 (2014)
V 2 Retail Ltd. 3276.828 1164.18 6602.835 163.51 (2013) 21869.14 (2007)

Source: Center for Monitoring Indian Economy, Calculation using SPSS 21.

Fig. 1 : Descriptive analysis of the Market Capitalization of the selected retail sector companies in India

The descriptive analysis of the market capitalization of the selected retail companies indicates that Future Retail Ltd. is found to have
the highest average market capitalization of Rs. 60519.87 crores followed by the mean score of Future Enterprises Ltd. (Rs.39691.97
crores). The results indicate that the major retail companies in India are Future Retail Ltd. and Future Enterprises Ltd.
Among the selected companies, the companies with the lowest mean scores are found to be Cantabil and V2 retail ltd. The results
also represents that the Future Retail Ltd is found to have maximum market capitalization in 2016 and minimum in the year 2016.
Similarly Future Enterprises Ltd. is found to have maximum market capitalization in 2007 and minimum in 2001.

2. Earning per Share of retail sector companies.

The descriptive analysis of the EPS, the most important indicator of profitability of the selected retail sector companies in India is
shown below in Table-4

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International Journal of Research in Management & ISSN : 2348-6503 (Online)
Vol. 4 Issue 3 Jul. - Sept. 2017
Business Studies (IJRMBS 2017) ISSN : 2348-893X (Print)

Table 4 : Descriptive analysis of the EPS of the selected retail sector companies in India

Company Average EPS Median Standard Deviation Minimum EPS Maximum EPS
Aditya Birla Fashion Retail -12.47 -12.665 10.55702 -23.84 (2014) -0.71 (2016)
Cantabil -2.43 2.72 11.21286 -21.72 (2012) 7.58 (2010)
Future Enterprises Ltd. 6.7831 6.37 4.19478 -0.27 (2013) 16.56 (2005)
Future Retail Ltd. 6.17 6.17 0 6.17 (2016) 6.17 (2016)
Mandhana Retail Ventures Ltd. 12.87 12.87 0 12.87 (2016) 12.87 (2016)
Provogue (India) Ltd 1.3067 2.535 7.02627 -11.3 (2015) 12.9 (2007)
Shoppers Stop Ltd. 5.5658 5.475 5.64327 -6.33 (2008) 17.54 (2010)
V 2 Retail Ltd. -2.0852 3.59 30.55802 -222.45 (2009) 14.38 (2008)
Source: Center for Monitoring Indian Economy, Calculation using SPSS 21.

Fig. 2 : Descriptive analysis of the EPS of the selected retail sector companies in India

The descriptive analysis of the Earnings per share of the selected retail companies indicates that Mandhana Retail Ventures Ltd. is
found to have the highest average earnings per share of Rs. 12.87 followed by the mean score of Future Enterprises Ltd. (Rs. 6.7831
). The results indicate that the major retail companies in India are Mandhana Retail Ventures Ltd and Future Enterprises Ltd. Among
the selected companies, the companies with the lowest mean scores are found to be Aditya Birla Fashion Retail and V2 Retail Ltd.
The results also represents that the Mandhana Retail Ventures Ltd is found to have maximum earnings per share in 2016 and minimum
in the year 2016. Similarly, Future Enterprises Ltd. is found to have maximum earnings per share in 2005 and minimum in 2013.

3. Price Earnings Ratio

Price earning ratio which is commonly called as P/E ratio or price to earning ratio or market prospect or price multiple ratio. The
descriptive analysis of the P/E of the selected retail sector companies in India is shown below in Table-5

Table 5: Descriptive analysis of the P/E of the selected retail sector companies in India
Company Average P/E Median Standard Deviation Minimum P/E Maximum P/E
Aditya Birla Fashion Retail NA
Cantabil 19.56 17.77 16.88109 2.91 (2011) 46.12 (2014)
Future Enterprises Ltd. 45.326 42.31 34.13287 3.03 (2016) 126.88 (2007)
Future Retail Ltd. 20.82 20.82 20.82 (2016) 20.82 (2016)
Mandhana Retail Ventures Ltd. 15.21 15.21 15.21 (2016) 15.21 (2016)
Provogue (India) Ltd 29.5867 20.47 29.746 5.18 (2013) 99.55 (2007)
Shoppers Stop Ltd. 128.2236 72.03 184.2717 27.59 (2011) 679.34 (2007)
V 2 Retail Ltd. 34.11 25.31 26.96629 6.71 (2008) 68.02 (2007)
Source: Center for Monitoring Indian Economy, Calculation using SPSS 21.

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ISSN : 2348-6503 (Online) International Journal of Research in Management &
Vol. 4 Issue 3 Jul. - Sept. 2017
ISSN : 2348-893X (Print) Business Studies (IJRMBS 2017)

Fig. 3: Descriptive analysis of the P/E of the selected retail sector companies in India

The descriptive analysis of the P/E Ratio of the selected retail companies indicates that Shoppers Stop Ltd. is found to have the highest
average P/E Ratio of 128.2236 times followed by the mean score of Future Enterprises Ltd.(45.326 times). The results indicate that
the major retail companies in India are Shoppers Stop Ltd and Future Enterprises Ltd. Among the selected companies, the companies
with the lowest mean scores are found to be Mandhana Retail Ventures Ltd. and Cantabil. The results also represents that Shoppers
Stop is found to have maximum P/E Ratio in 2007 and minimum in the year 2011. Similarly, Future Enterprises Ltd is found to have
maximum P/E Ratio in 2007 and minimum in 2016.

4. Turnover
Turnover is commonly called as revenue or sales. It is the amount of money that the business earns during the year from the sale of
its goods and services to the customers. The descriptive analysis of the Turnover of the selected retail sector companies in India is
shown below in Table-4.

Table 6: Descriptive analysis of the Turnover of the selected retail sector companies in India
Me- Standard Max.|
Company Average Turnover Min. Turnover
dian Deviation Turnover
Aditya Birla Fashion Retail 13.66 13.285 13.77487 1.67 (2014) 26.4 (2015)
Cantabil 0.51 0.075 1.15973 0 (2006) 3.36 (2010)
Future Enterprises Ltd. 190.5669 84.545 386.8102 0.12 (2001) 1575.88 (2012)
Future Retail Ltd. 13.29 13.29 13.29 (2016) 13.29 (2016)
Mandhana Retail Ventures Ltd. 58.08 58.08 58.08 (2016) 58.08 (2016)
Provogue (India) Ltd 18.4717 3.0350 39.98903 0.36 (2016) 140.21 (2005)
Shoppers Stop Ltd. 24.9308 11.795 39.45411 1.52 (2005) 146.45 (2012)
V 2 Retail Ltd. 5.5700 1.6100 11.15571 0.00 (2013) 36.64 (2007)
Source: Center for Monitoring Indian Economy, Calculation using SPSS 21.

Fig. 4 : Descriptive analysis of the Turnover of the selected retail sector companies in India

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International Journal of Research in Management & ISSN : 2348-6503 (Online)
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Business Studies (IJRMBS 2017) ISSN : 2348-893X (Print)

The descriptive analysis of the turnover of the selected retail companies indicates that Future Enterprises Ltd. is found to have the
highest average Turnover of Rs.190.5669 crores followed by the mean score of Mandhana Retail Ventures Ltd. (Rs. 58.08 crores).
The results indicate that the major retail companies in India are Future Enterprises Ltd. and Mandhana Retail Ventures Ltd. Among
the selected companies, the companies with the lowest mean scores are found to be Cantabil and V2 Retail Ltd. The results also
represents that the Future Enterprises Ltd is found to have maximum Turnover in 2012 and minimum in the year 2001.Similarly,
Mandhana Retail Ventures Ltd is found to have maximum Turnover in 2016 and minimum in 2016.

5. Enterprise Value
Enterprise Value is commonly known as EV. It is a parameter to determine the total economic value of the firm. The descriptive
analysis of the Enterprise Value of the selected retail sector companies in India is shown below in Table-7.

Table 7: Descriptive analysis of the Enterprise Value of the selected retail sector companies in India
Average Standard Minimum Maximum
Company Median
Enterprise Value Deviation Enterprise Value Enterprise Value
Aditya Birla Fashion Retail 51199.76 29341.74 49234.97 21541.34 (2014) 124574.2 (2016)
Cantabil 938.8671 904.32 482.6027 426.83 (2011) 1574.57 (2010)
Future Enterprises Ltd. 59303.82 52804.55 40088.49 1072.78 (2001) 136414.1 (2007)
Future Retail Ltd. 70830.2700 70830.2700 70830.2700 (2016) 70830.2700 (2016)
Mandhana Retail Ventures Ltd. 4322.76 4322.76 4322.76 (2016) 4322.76 (2016)
Provogue (India) Ltd 6751.1575 4335.4250 5755.01150 3291.41 (2015) 23927.66 (2007)
Shoppers Stop Ltd. 27665.2 26556.94 12031.4167 7702.59 (2008) 45777.3 (2014)
V 2 Retail Ltd. 5917.818 3265.305 7233.442 510.94 (2011) 24355.04 (2007)
Source: Center for Monitoring Indian Economy, Calculation using SPSS 21.

Fig. 5: Descriptive analysis of the Enterprise Value of the selected retail sector companies in India

The descriptive analysis of the Enterprise Value of the selected of the selected companies in organised retail sector, Aditya Birla
retail companies indicates that Future Retail Ltd. is found to have fashion Retail and Future Retail Ltd is found to have maximum
the highest Enterprise Value of Rs.70830.27 crores followed by value in aspect of variables like annual sales revenue, Profit after
the mean score of Future Enterprises Ltd. (Rs.59303.82 crores). tax(here after PAT), Earnings per share, Price-Earning ratio,
The results indicate that the major retail companies in India are Enterprise Value . Thus, the Indian Retail Industry is on the path
Future Retail Ltd and Future Enterprises Ltd. Among the selected of tremendous growth. So many new companies are now getting
companies, the companies with the lowest mean scores are found listed in stock exchanges, enhancing their portfolio, upgrading
to be Cantabil and Mandhana Retail Ventures Ltd. The results also their technology, managerial expertise etc.
represents that the Future Retail Ltd. is found to have maximum
Enterprise Value in 2016 and minimum in the year 2016. Similarly, Limitations of the Study and Scope for Further
Future Enterprises Ltd. is found to have maximum Enterprise Research
Value in 2007 and minimum in 2001. The information used in the present paper is primarily from recent
annual statistics available to the public that may also include
Conclusion missing data. However, an attempt has been made to present the
With the right vision, and the right policies, there is no reason to relevant and latest available data regarding financial performance
believe that a progressive and healthy retail ecosystem would not of retail companies in India. Now-a-days, most of the developed
support various forms of retailers including the street vendors, and developing countries in the world have regarded Retail
independent small grocers and other retailers, medium size modern Industry performance analysis as an important theme and a key
independent retail outlets, and corporatized retail behemoths. Out towards balanced growth of the economy as the ultimate consumer

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ISSN : 2348-6503 (Online) International Journal of Research in Management &
Vol. 4 Issue 3 Jul. - Sept. 2017
ISSN : 2348-893X (Print) Business Studies (IJRMBS 2017)

is getting the goods manufactured through retail outlets only.

Post liberalisation period after 1991, globalisation and privatisation
have resulted into tremendous growth of retail industry. I have made
an attempt to analyse the performance of retail sector companies
in India because very few research has been conducted to evaluate
the financial performance by considering ten major variables.
Hence, there is vast scope for further research on various aspects
related to retail industry, that is, future researchers can consider
the following areas for future research: Retail industry in India:
Issues and Challenges; Retail industry in India: Review of existing
policies; FDI in Retail: A study of developing economies.

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