Future Retail slips after Q1 net loss widens to Rs 1,147 cr

Future Retail fell 2.34% to Rs 48 on BSE after the company posted a consolidated net loss of Rs 1,147.13 crore in Q1 FY22, higher than net loss of Rs 561.95 crore in Q1 FY21.

The company's net sales increased 4.2% to Rs 1,415.67 crore in Q1 FY22 as against Rs 1,358.11 crore in Q1 FY21. Future Retail's interest expense increased 27.3% to Rs 354.27 crore in Q1 FY22 over Q1 FY21.

"The outbreak of COVID-19 pandemic has created economic disruption throughout the world including India. Consequently, the revenue and profitability for the quarter ended June 2021 have been adversely impacted," the company said in its notes to accounts.

Future Retail is engaged in the business of retailing a range of household and consumer products through departmental store facilities under various formats. The company is primarily engaged in the business of multi-brand retail trade.

In August last year, the board of the company had approved the amalgamation of FRL along with other group companies with Future Enterprises to facilitate the Rs 24,713 crore deal to sell the retail and wholesale business to Reliance Retail. FRL said it "intends to pursue all available avenues to conclude the deal" to protect the interests of its stakeholders and workforce.

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