FUTURE RETAIL REPORTS ₹692 CR NET LOSS DUE TO COVID CURBS

Future Retail Ltd (FRL) on Friday reported a consolidated net loss of ₹692.36 crore for the second quarter ended September 2020, hit by disruptions caused due to the Covid-19 pandemic.

The company, whose promoter had announced ₹24,713 crore deal to transfer the retail business to Reliance Industries Ltd-owned Reliance Retail Ventures Ltd, had posted a net profit of ₹165.08 crore in the July-September quarter in 2019, FRL said in a BSE filing.

Its revenue from operations was down 73.86% at ₹1,424.21 crore during the quarter under review as against ₹5,449.06 crore in the corresponding quarter last year.

“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,” said FRL.

FRL, which operates retail stores such as Big Bazaar, fbb, Foodhall, Easyday and Nilgiris, saw its total expenses during the quarter under review dropping to ₹ 2,181.85 crore as against ₹5,304.80 crore a year ago, down 58.87%.

For the first half (April-September), FRL has reported a net loss of ₹1,254.31 crore as against a net profit of ₹324.32 crore in the year-ago period.

Its H1 consolidated revenue from operations was down 73.86% to ₹2,782.22 crore as against ₹10,646.17 crore in the corresponding April-September period of the previous fiscal.

FRL’s shares closed at ₹68 apiece on the BSE, down 0.07%, on Friday.