Future Retail Q4 net loss at Rs 464 cr

Future Retail today reported a net loss of Rs 463.62 crore for the quarter ended March 31, 2018.

The company had posted a net profit of Rs 123.05 crore in the same period a year ago.

It reported exceptional expense of Rs 603.87 crore in the reported quarter due to demerger of retail business undertaking of Hypercity Retail (India) with the company, which resulted in the loss.

Future Retail said financial results for the three months and twelve months ended March 31, 2018 are not comparable with corresponding periods of previous year.

Revenue from operations (part of total income) for the quarter is reported net of GST. Therefore, revenue from operations for current periods are not comparable with the earlier periods, it added.

Total income stood at Rs 4,577.79 crore during the period under review. It was Rs 4,486.39 crore in January-March 2016-17, the company said in a BSE filing.

For 2017-18, Future Retail posted net profit of Rs 11.31 crore. It was Rs 368.28 crore in 2016-17.

Total income in 2017-18 was at Rs 18,489.64 crore. It was Rs 17,089.89 crore in the previous year.

In October last year, Kishore Biyani-led Future Retail had announced that it would acquire Hypercity that operates 19 large format premium stores in some key cities from the K Raheja group firm Shoppers Stop.

Shares of Future Retail settled 5.72 per cent lower at Rs 528.30 apiece on BSE.