Future Retail Q1 profit up 4 percent to Rs 153 crore

By

Maverick Martins

Published
Aug 10, 2018

Kishore Biyani owned Future Retail posted a 4 percent increase in net profit at Rs 153 crore ($22.3 million) for the quarter ended June 30, 2018, against a net profit of Rs 148 crore in the same period a year-ago. 

However, the company’s income during the April-June quarter was down slightly to Rs 4,542 crore. It was Rs 4,707 crore in the year ago period.
 
“Revenue from operations, part of total income, for the quarter ended June 30, 2017, was reported inclusive of excise duty. Goods and Service Tax (GST) was implemented with effect from July 1, 2017, which replaced excise duty and other input taxes,” the company said in a statement.

"Revenue from operations for the quarter ended June 30, 2018, is reported net of GST. Therefore, revenue from operations for the current periods is not comparable with the corresponding earlier periods," it added.
 
Future Retail is the retail entity of the Future Group and the highest revenue generator for the company. It had reported a total income of Rs 18,489.64 crore (approx $2.8 billion) for the last financial year.
 
Future Retail is the group’s retail arm and operates 2,500 stores across various formats and brands like Big Bazaar, Easyday, Brand Factory and HyperCity, among others.