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Future Retail posts Q2 net loss of Rs 692 crore; net sales down 74%

The company, whose promoter had announced Rs 24,713 crore deal to transfer the retail business to Reliance Industries owned Reliance Retail Ventures, had posted a net profit of Rs 165.08 crore in the July-September quarter in 2019, Future Retail Ltd (FRL) said in a BSE filing.

By: PTI | New Delhi | November 13, 2020 5:22:02 pm
An employee packs goods into a plastic bag at a checkout counter of a Big Bazaar hypermarket, operated by Future Retail Ltd, in Mumbai, India, on Sunday, April 16, 2017. (Photographer: Dhiraj Singh/Bloomberg)

Future Retail Ltd on Friday reported a consolidated net loss of Rs 692.36 crore for the second quarter ended September 2020, hit by disruptions caused due to the COVID-19 pandemic.

The company, whose promoter had announced Rs 24,713 crore deal to transfer the retail business to Reliance Industries owned Reliance Retail Ventures, had posted a net profit of Rs 165.08 crore in the July-September quarter in 2019, Future Retail Ltd (FRL) said in a BSE filing.

Its revenue from operations was down 73.86 per cent at Rs 1,424.21 crore during the quarter under review as against Rs 5,449.06 crore in the corresponding quarter last year.

“COVID-19 pandemic has had a significant impact on the business operations and the financial results of the company for the quarter and six months ended September 30, 2020,” said FRL.

FRL, which operates retail stores such as Big Bazaar, fbb, Foodhall, Easyday and Nilgiris, saw its total expenses during the quarter under review dropping to Rs 2,181.85 crore as against Rs 5,304.80 crore a year ago, down 58.87 per cent.

For the first half (April-September), FRL has reported a net loss of Rs 1,254.31 crore as against a net profit of Rs 324.32 crore in the year-ago period.

Its H1 consolidated revenue from operations was down 73.86 per cent to Rs 2,782.22 crore as against Rs 10,646.17 crore in the corresponding April-September period of the previous fiscal.

Shares of Future Retail Ltd on Friday closed at Rs 68 apiece on the BSE, down 0.07 per cent.

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