Future Retail reports Q4 net loss of Rs 478 crore

By

Maverick Martins

Published
Sep 7, 2020

Future Retail Ltd (FRL) reported a consolidated net loss of Rs 478 crore ($65.2 million) for the quarter ended March 2020, as against a net profit of Rs 199 crore it had reported in the year-ago period.
 

The company’s revenue for the quarter under review was down 18 percent to Rs 4,492 crore, as against Rs 5,462 crore it had reported in the corresponding period last year.
 
For the fiscal year 2019-20, the company’s net profit was down 98 percent to Rs 11 crore, as compared to Rs 727 crore in the previous year while its revenue was flat at Rs 20,332 crore, as against last year’s Rs 20,333 crore.

“The nationwide lockdown has significantly impacted the company's operational capabilities as most of the stores were closed except selling only essential commodities. The company is closely monitoring the developments and possible effects that may result from the current pandemic on its financial condition, liquidity and operations and is actively working to minimise the impact of this unprecedented situation,” the company said in a statement.
 
Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd (RIL), had recently acquired Future Group’s retail, wholesale business, logistics and warehousing business for Rs 24,713 crore ($3.37 billion).