Covid-19 impact: Debt woes keep future uncertain for Kishore Biyani firms

Aggressive expansion plans have led to cost overrun, sliding profits for Future Group firms

Kishore Biyani had played down the impending threat of Covid-19 during a presentation back in March, made to analysts worried about the high leverage across Future Group companies. He had reasoned that a combination of hot weather and young demographics would keep the economy insulated from the impact of the virus.

Fast forward five months, and Biyani is close to losing his retail empire. The economic tsunami has left the conglomerate high and dry. The group’s flagship Future Retail has been hit the hardest by the lockdown. It is yet to declare March quarter results, even as peers have announced