New Delhi: Kishore Biyani-led Future Retail on Thursday posted a 3.56% rise in net profit at ₹ 153.12 crore for the quarter ended 30 June 2018, against a net profit of ₹ 147.85 crore in the same period a year ago.
Future Retail also announced resignation of Rajan Bharti Mittal as non-executive director of the company “due to preoccupations". Mittal came on board of Future Retail after merger of Bharti group’s retail business under the EasyDay chain with Future Group in an all-stock deal.
In June 2018, three years after the merger, Bharti group sold more than half of its stake in Future Retail for nearly of ₹ 1,697 crore through open market transactions. Bharti group entity Cedar Support Services disposed of 3.03 crore shares, amounting to 6.04% stake in Future Retail. Cedar Support Services, which held 9.23% stake in Future Retail as on March 31, 2018, also exited from Biyani’s Future Enterprises by selling its 13.64% stake for nearly ₹ 243 crore.
According to a regulatory filing by Future Retail, total income during the April-June quarter stood at ₹ 4,541.94 crore. It was ₹ 4,707.44 crore in the year ago period.
The company said revenue from operations, part of total income, for the quarter ended 30 June 2017 was reported inclusive of excise duty.
Goods and Service Tax (GST) was implemented with effect from 1 July 2017, which replaced excise duty and other input taxes. “Revenue from operations for the quarter ended 30 June 2018 is reported net of GST. Therefore, revenue from operations for the current periods are not comparable with the corresponding earlier periods," it added.
Future Retail also announced appointment of Rahul Garg as additional (non-executive) director on the board of the company.
Future Retail shares settled 1.06% lower at ₹ 515.05 apiece on BSE.