The debt ridden discount retail chain Vishal Retail’s filing at the Bombay Stock Exchange reported a 12.38% rise in net loss to Rs128.93cr for the March quarter, which was at Rs114.73cr during the same quarter previous fiscal. However, the retailer registered a growth of 9.34% during the fourth quarter at Rs254.64cr as against Rs232.89cr in the same quarter of 2008-09. The total losses for the fiscal ended 31 March were at Rs414cr compared with Rs94cr a year ago, after writing off inventory worth Rs342cr. Revenue was down 16% to Rs1,105 crore, from Rs1,323 crore a year ago. Founder and managing director R.C. Agarwal attributed the poor performance of his company to the recession and is hopeful of quick recovery.