Future Retail Q1 profit plunges 91pc

MUMBAI: Kishore Biyani-led Future Retail Ltd that operates hypermarket and home retail chains such as Big Bazaar, Food Bazaar, FBB, Home Town and eZone missed analyst expectations as its standalone net profit plunged 90.82% to Rs.6.10 crore. In the year-ago June quarter, net profit stood at Rs.66.48 crore.

An average of two analysts had estimated standalone net profit at Rs.30.2 crore and net sales at Rs.2,795.2 crore. However, net sales surprised by growing at 22.85% to Rs.2,846.84 crore in the June quarter from Rs.2,317.15 crore a year ago. At 1.27pm on Friday, the Future Retail stock was down by 2.88% to Rs.124.75, while the benchmark Sensex index was at 28,305.78 points, up 0.03%.