You are here: Home » Companies » News
Business Standard

Future Retail Q3 loss at Rs 846.92 cr, revenue down 71% to Rs 1,506.87 cr

Business operations were continued to be impacted by the pandemic during the quarter

Future Retail | Kishore Biyani | Future Group

Press Trust of India  |  New Delhi 

future retail, future group, big bazaar, bazar
Future Retail runs several well-known supermarket chains such as Big Bazaar

Ltd on Tuesday reported a consolidated net loss of Rs 846.92 crore for the third quarter ended on December 2020 as business operations continued to be impacted by the pandemic during the quarter.

The company had posted a net profit of Rs 164.56 crore in the October-December quarter a year ago, Ltd (FRL) said in a BSE filing.

Its revenue from operations was down 71 per cent to Rs 1,506.87 crore during the quarter under review as against Rs 5,193.19 crore of the corresponding quarter last fiscal.

"COVID 19 pandemic has had a significant impact on the business operations and the financial results of the Company for the quarter and Nine months ended December 31, 2020, said in a statement.

Expenses of FRL, which operates retail stores such as Big Bazaar, fbb, Foodhall, Easyday and Nilgiris, were at Rs 2,391.43 crore as against Rs 5,042.46 crore, down 52.6 per cent.

"The impact of COVID-19 pandemic on the overall economic environment being uncertain may affect the underlying assumptions and estimates used to prepare the company's financial results, whereby actual outcome may differ from those assumptions and estimates considered as at the date of approval of these financial results, the company said.

FRL, whose board in August last year approved the amalgamation of FRL along with other group with Future Enterprises Limited to facilitate Rs 24,713 crore deal to sell the retail and wholesale businesses to Reliance Retail, owned by oil-to-chemical conglomerate Reliance Industries Ltd, said it will continue to closely monitor any material changes to future economic conditions.

Shares of Future Retail Ltd on Tuesday settled at Rs 80.50 on BSE, up 9.97 per cent from the previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, February 09 2021. 20:41 IST