We are pleased to share with you the Annual Report of your Company for the financialyear 2016-17. Future Enterprises Limited owns and operates some of the key businesses thatform the fundamental blocks on which other businesses of Future Group are built upon.These businesses have been built with years of experience and expertise and today formsome of the most valuable assets of the group.
I am happy to share with you that through the year most of these businesses showedremarkable resilience and improvement in terms of growth efficiency and capacitycreation. These factors has helped the Company post a consolidated total income of Rs.4723 Crore a profit after tax of Rs. 55 Crore.
The core business of Future Enterprises Limited is to provide retail infrastructuresupport to some of the most popular retail chains operated by Future Group. The Company'sspecialized subsidiary Future Supply Chain Solutions Limited provides state-of-the-artlogistics services for the group's businesses in fashion fast moving consumer goodsfood electronics and homewares. However more than 40% of the company's revenues now comefrom outside the group. Its strong client base comprising of leading domestic andmultinational companies is testament to the quality of services and expertise that thecompany has built in the consumer logistics space. Apart from contract and expresslogistics the company has also created one of the leading cold chain logistics network inthe country. FSC posted a net profit of Rs. 46 Crore this year. Your Company holds 57.42%stake in the company with Hong Kong based SSG Capital owning a substantial portion of theresidual stake.
The stakes in the insurance business held by your Company also holds immense potential.The general insurance joint venture has in this financial year posted a profit of Rs. 43Crore and joined the list of the few profitable private insurance companies in thecountry.
The life insurance joint venture was able to grow its premium by 25% during the year.Your Company also holds a 9.02% stake in the group's fast growing FMCG company FutureConsumer Limited which during this financial year posted its first net profit of Rs. 8Crore.
Apart from these investments the Company's business in sourcing and manufacturingapparel too has undergone significant improvement in its capabilities size and scale.
With the tailwinds once again supporting a strong growth in the Indian economy yourCompany is well poised to benefit from and contribute to the growth of the Indianconsumption sector. We thank you and every stakeholder for your continued trust goodwishes and faith in the organization.
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