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Aggressive expansion by India’s largest grocery retailer has not managed to boost growth. Should investors temper expectations?

Surprisingly strong metrics alongside aggressive expansion mask a lurking balance-sheet risk. Moreover, competition is not going to be kind to the retail giant any time soon.
Slowing growth, weakening store metrics and a puzzling fundraise point to the retailer losing some of its post-Zudio sheen.
The Indian mother and baby products retailer has been slow to grow in the two largest markets of the Gulf. What gives?