kolkata tataowned infiniti retail ltd which owns the croma electronics retail chain posted its maiden net profit in fy 2018 after 12 years of operation and the company is now confident of progressive reduction in the accumulated losses due to profitability which it expects will get even better with growth plans in place it said in its latest regulatory filingsinfiniti retail posted a net profit of rs 1664 crore during 201718 compared with a net loss of rs 5716 crore in the fiscal before as per filings made with the registrar of companies roc the companys accumulated losses have thereby been reduced to rs 75608 crore it reported advt infiniti retail said there were sufficient sources of funds to pursue a growth plan that would improve profitability and hence does not expect material threat to its going concern status due to the negative net worththe companys accumulated loss in 201718 has been higher than its paidup capital and reserves it said et had last month reported that infiniti retail has received rs 250 crore equity infusion from parent tata sons to undertake rapid expansion opening the highest ever new stores from this fiscal the retail chains total income in fy18 went up by 15 to rs 381374 crore while infiniti retail said its same store sales were higher by 131 in 201718 compared with the previous periodinfiniti retail in the filings said it made considerable progress in improving its performance with its omnichannel strategy in the past two financial years it said some of the changes it undertook was to take advantage of the paradigm shift in consumer behaviour whereby it would actively compete for the digitally influenced shopper and focus on omnichannelwhen contacted infiniti retail ceo avijit mitra said croma started aligning itself since fy16 as per the new customer who accesses digital and physical options while shopping based on hisher comfort levelwe have been fortunate to receive overwhelming response from our customers and this has resulted in strong growth and the big swing in profitability in fy17 and again in fy18 the current year is also looking strong with 20 samestore growth as of october and 30 overall growth with last years launches firing as per plan said mitra who was also inducted into the companys board this april as an executive director advt croma currently has 121 stores and eight more are about to be launched by writankar mukherjee et bureau published on dec 3 2018 at 0758 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etretail app get realtime updates