Retail stores operator Shoppers Stop Ltd on Wednesday reported a net profit of Rs 12.57 crore in the fourth quarter ended March 31, 2010.
It had incurred a loss of Rs 24.48 crore in the same period previous year, Shoppers Stop said in a filing to the Bombay Stock Exchange.
Consolidated total income of the company jumped to Rs 388.84 crore in the quarter under review from Rs 315.80 crore in the same period last year.
"A strong brand, differential merchandise strategy and cost control combined with the support of loyal customer has helped us in posting strong results," President and CEO Shopper's Stop Govind Shrikhande said.
For the year ended March 31, 2010, the group earned a consolidated net profit of Rs 35.88 crore, whereas it incurred a net loss of Rs 63.65 crore in the last fiscal.
Consolidated total income of the firm increased to Rs 1,452.05 crore in the year under review from Rs 1,303.44 crore in the previous year.
The board of directors recommended a dividend of Rs 1.50 per share on the paid up equity capital of the company for the year ended March 31.
The board has also accorded in principle approval for acquisition of balance 32 per cent equity capital Hypercity Retail from its promoters pursuant to an option agreement executed with them, it said.
It already holds 19 per cent stake of Hypercity.
Shares of the company closed at Rs 390.95, down from the previous close on the BSE.