Future Retail posts Q2 net loss of Rs 692 crore; net sales down 74%

Future Retail's revenue from operations was down 73.86% at Rs1,424.21 crore during the quarter

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

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

Its revenue from operations was down73.86per cent at Rs1,424.21 crore during the quarter under review as against Rs5,449.06crore 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 Rs2,181.85crore as against Rs5,304.80crore a year ago, down58.87per cent.

For the first half (April-September), FRL has reported a net loss of Rs1,254.31 crore as against a net profit of Rs 324.32 crore in the year-ago period.

Its H1 consolidatedrevenue from operations was down 73.86 per cent to Rs 2,782.22 crore as against Rs10,646.17crore in the corresponding April-September period of the previous fiscal.

Shares ofFuture Retail Ltd on Friday was trading at Rs68.15apiece on the BSE in the afternoon trade, up 0.15 per cent.