Future Retail reports Rs 1,147 crore loss against Rs 553 crore yoy

Future Retail Ltd, which is fighting with American retail firm Amazon.com, has reported a massive loss of Rs 1,147 crore for the June quarter as compared with Rs 553 crore of loss announced in the same period of the last financial year. The company reported revenues of Rs 1,406 crore in the June quarter of the current financial year as compared to revenues of Rs 1,355 crore announced in the same period of fiscal 2021.

In a statement to the stock exchanges, the company said the outbreak of Covid-19 pandemic has created economic disruption throughout the world including in India. Consequently, the revenue and profitability for the quarter ended June 2021 have been adversely impacted. "The second wave across India has raised concern over economic growth and business conditions. while the restrictions are currently more localized and for a shorter duration as compared to the previous year," said the statement.

Moreover, the increasing pace of inoculation and efforts by the government are likely to help mitigate some of the adverse impacts. The impact of the pandemic may differ from that estimated as on the date. The company will continue to closely monitor any material changes to future economic conditions, it said.