Companies

Future Retail posts ₹475-crore loss in Q4

Our Bureau Mumbai | Updated on September 04, 2020 Published on September 04, 2020

The Kishore Biyani-owned company in its results said that the outbreak of coronavirus (Covid-19) pandemic is one of the biggest social, health, and economic impact, faced by India and the world at large   -  Bloomberg

Future Retail Limited announced a net loss of ₹474.89 crore in the fourth quarter of FY20 against a net profit of ₹199.32 crore in the corresponding quarter last year.

Future Retail’s revenue from operations was 17.75 per cent lower at ₹4,492.36 crore against revenues worth ₹5,462.17 crore the same time last year.

For the full financial year 2019-20, Future Retail made a profit of ₹11.57 crore as against a profit of ₹727.03 crore the previous fiscal. This was despite its total income which was marginally higher at ₹20,418.40 crore in comparison with ₹20,355.72 crore.

Also read: Reliance Retail acquires Future Group’s retail business for ₹24,713 crore

Last month, Future Retail announced that it will be selling its retail, wholesale, warehousing and logistics business to Mukesh Ambani-owned Reliance Industries Limited for ₹24,713 crore.

Future Retail’s maximum revenues come from Big Bazaar. In March this year, the operations of Big Bazaar were drastically impacted because of the lockdown imposed due to the Covid-19 pandemic.

The Kishore Biyani-owned company in its results said that the outbreak of coronavirus (Covid-19) pandemic is one of the biggest social, health, and economic impact, faced by India and the world at large.

“The pandemic situation had significantly impacted the company’s operational capabilities, as most of the stores of the company, in most of the States, were closed except selling only essential commodities and grocery items,” the company said.

“The impact of Covid-19 pandemic on the overall economic environment being uncertain may affect the underlying assumptions and estimates used to prepare the company’s financial statements,” it said.

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Published on September 04, 2020
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