Future Retail Q3 revenue down 71% to Rs 1,506.87 crore

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Future Retail Ltd has reported a consolidated net loss of Rs 846.92 crore for the third quarter ended on December 2020 as business operations continued to be impacted by the pandemic during the quarter. The company had posted a net profit of Rs 164.56 crore in the October-December quarter a year ago, Future Retail Ltd (FRL) said in a BSE filing.

Its revenue from operations was down 71 per cent to Rs 1,506.87 crore during the quarter under review as against Rs 5,193.19 crore of the corresponding quarter last fiscal.

“COVID 19 pandemic has had a significant impact on the business operations and the financial results of the Company for the quarter and Nine months ended December 31, 2020,” Future Retail said in a statement.

Expenses of FRL, which operates retail stores such as Big Bazaar, fbb, Foodhall, Easyday and Nilgiris, were at Rs 2,391.43 crore as against Rs 5,042.46 crore, down 52.6 per cent.

“The impact of COVID-19 pandemic on the overall economic environment being uncertain may affect the underlying assumptions and estimates used to prepare the company’s financial results, whereby actual outcome may differ from those assumptions and estimates considered as at the date of approval of these financial results,” the company said.

FRL, whose board in August last year approved the amalgamation of FRL along with other group companies with Future Enterprises Limited to facilitate Rs 24,713 crore deal to sell the retail and wholesale businesses to Reliance Retail, owned by oil-to-chemical conglomerate Reliance Industries Ltd, said it will continue to closely monitor any material changes to future economic conditions.

Shares of Future Retail Ltd on Tuesday settled at Rs 80.50 on BSE, up 9.97 per cent from the previous close.

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