According to a Q4 earnings statement released by Future Consumer Ltd, the company reported a drop in revenue from operations by 59.2 per cent to Rs 386.26 crore during January-March 2021 compared to Rs 947.07 crore in the corresponding quarter of FY20. The company recorded a lower net loss of Rs 155.12 crore for the quarter ended on March 31, 2021 as compared to that of Rs 175.46 crore in the last year quarter.
For FY 2020-21, revenue from operations was down by 70.7 per cent at Rs 1,184.51 crore as compared to Rs 4,040.33 crore in FY 2019-20, the company said.
“The COVID-19 pandemic is unprecedented, and the Group has experienced its adverse impact. The Group has faced issues in the supply chain, warehousing, packing centres, administrative offices, etc. which has adversely affected the operations of the Group including its ability to be consistent with supplies and sales and which in turn has also impacted the liquidity position of the Group,” FCL said.
One of the Group’s major customers has invoked the force majeure clause and claimed losses on inventory due of expiry and deterioration in the quality of goods since the stores were closed or experiencing very low footfalls due to the Covid-19 pandemic lockdown, it added.