Future Retail logs Q4 net loss of ₹477.63 crore1 min read . Updated: 04 Sep 2020, 06:36 PM IST
Future Retail Ltd reported a consolidated net loss of ₹477.63 crore for the quarter ended March 2020
Future Retail Ltd (FRL) on Friday reported a consolidated net loss of ₹477.63 crore for the quarter ended March 2020.
The company, which owns brands like Big Bazaar, fbb, Foodhall, Easyday and Nilgiris, had posted a net profit of ₹199.31 crore in the January-March quarter a year ago.
Mukesh Ambani's Reliance Industries recently acquired Future Group's retail, wholesale, logistics and warehousing businesses for ₹24,713 crore.
FRL's revenue from operations was down 17.75% to ₹4,492.36 crore during the three-month period under review as against ₹5,462.17 crore in the corresponding quarter a year ago.
Total expenses were at ₹5,006.54 crore as against ₹5,270.05 crore, down 5%.
For the fiscal year 2019-20, FRL's net profit was down 98.44% to ₹11.29 crore. It was Rs 727.19 crore in the previous year.
Its revenue from operation in 2019-20 was flat at ₹20,331.72 crore. It was ₹20,332.58 crore in 2018-19.
In FY 2019-20, total equity and liabilities had increased to ₹21,537.82 crore from ₹10,586.80 crore in 2018-19.
According to FRL, the nationwide lockdown has "significantly impacted the company's operational capabilities" as its most of the stores were closed except selling only essential commodities.
"The company is closely monitoring the developments and possible effects that may result from the current pandemic on its financial condition, liquidity and operations and is actively working to minimise the impact of this unprecedented situation," it said.
On August 29, 2020, FRL board had approved the amalgamation of FRL along with other group companies with Future Enterprises Limited to facilitate ₹24,713 crore deal to sell the retail and wholesale business to Reliance Retail, owned by oil-to-chemical conglomerate Reliance Industries Ltd.
This story has been published from a wire agency feed without modifications to the text.