Future Retail posts Q2 net loss of Rs 692 crore
Kishore Biyani’s flagship company Future Retail Ltd (FRL) reported a consolidated net loss of Rs 692 crore ($92.9 million) for the September quarter, as against a net profit of Rs 165 crore it posted in the year-ago period.
The company’s revenue from operations for the quarter was down 74 percent at Rs 1,424, as against Rs 5,449 crore it reported in the corresponding quarter last fiscal.
Future Retail’s total expenses for the quarter were down 59 percent to Rs 2,182 crore, as against Rs 5,305 crore in July-September 2019 quarter.
“The 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,” the company said in a statement.
“The company will continue to closely monitor any material changes to future economic conditions. The company continues to take various precautionary measures to ensure health and safety of its customers, employees, and their families from Covid-19 pandemic,” it added.
FRL operates retail stores like Big Bazaar, fbb, Foodhall, Easyday, and Nilgiris. Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd (RIL) recently acquired Future Group’s retail, wholesale business, logistics, and warehousing business for Rs 24,713 crore.
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