Future Consumer Q1 net loss widens to Rs 68 crore
Future Consumer posted a consolidated net loss of Rs 68 crore ($9.3 million) in the first quarter ended June 2020, as against a net loss of Rs 15 crore reported in Q1 June 2019.
The company’s revenue for the quarter under review was down 64 percent to Rs 381 crore, as compared to Rs 1048 crore it had posted in the corresponding quarter last year.
Future Consumer has been badly hit due to the Covid-19 related disruptions. It recently defaulted on payment of principal redemption and interest on non-convertible debentures.
The current default amount includes principal of Rs 20 crore and interest of Rs 2 crore, payable annually.
FCL is the FMCG arm of the Future group, which had last week announced to sell its retail and wholesale business in a Rs 24,713 crore deal to Reliance Retail.
Future Consumer’s brands include beauty brands, Kara and TS, and personal care brands, Think Skin and Puretta, among others.
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