We are pleased to share with you the Annual Report for the financial year 2017-18. YourCompany posted a total income on consolidated basis of I 5286 Crore a growth of 11.94%and a net profit of I 40 Crore at the end of this financial year.
Your Company owns and operates through its subsidiaries joint-ventures and associatedbusinesses some of the fundamental blocks that help run the extensive retail operations ofFuture Group.
These include critical functions like design sourcing and manufacturing of its apparelbusiness creation and maintenance of the retail infrastructure network in 276 cities andtowns and through its subsidiary Future Supply Chain Solutions Limited the supply chainand warehousing network for the entire retail business of Future Group. In addition theCompany owns substantial stakes in an office supplies business various other groupcompanies and two insurance joint ventures in life and general insurance space along withItaly's Generali Group.
The operation of each of these businesses demands extensive managerial and strategicskills and prudent investments in maintenance and growth of these networks. Among the keymilestones achieved during the year was the Initial Public Offer and subsequent listing ofthe Future Supply Chain Solutions Ltd. on The Stock Exchanges BSE Ltd. (BSE) and theNational Stock Exchange (NSE). The Future Supply Chain Solutions Ltd. subsidiary also madea key acquisition Vulcan Express Private Limited that will help it extend its presencein the last mile delivery business that is increasingly becoming important to support theomni-channel presence and home delivery for the various retail businesses. Vulcan operatesa supply chain network that connects 15 warehouses and 166 hubs to stores and homes ofcustomers. The supply chain business grew its revenues of I 784 Crore a growth of 35.95%while net profit was I 67 Crore a growth of 47.19%.
The insurance companies wherein your Company owns substantial stakes promisessignificant value creation for the company in the medium to long-term future of yourCompany. Your Company continues to strengthen these companies and invest in growing thesebusinesses. The general insurance business sold over 2 million policies and posted a netpremium growth of 17.67%. The company's net profit grew at 83.72% to I 79 Crore duringthis financial year. The life insurance business grew its net premium by 35.27% to I 958Crore during the financial year and improved upon its net retention ratio to 96.50%.
The core business of the Company is engaged in owning investing operating andmaintenance of the retail infrastructure that runs some of India's most popular retailbrands such as Big Bazaar easyday fbb Foodhall among others. 862 retail stores arepart of the Company's network and these stores cover more than 13 million square feet ofretail space in 276 cities and towns spread in 26 states and UTs across the country. TheCompany has been investing heavily in renovating upgrading and opening new Big Bazaarstores including the highly acclaimed Big Bazaar GenNxt stores that feature world classdesign and consumer experiences. An extensive sourcing design and manufacturing base fortextiles and garments that is housed within your Company support these stores. Thiscontinues to be a key driver for growth as more and more Indians go for value addedbranded consumption in the apparel space.
During the forthcoming year we will continue to strengthen the Companies' investmentsand subsidiaries and create opportunities for both unlocking of value and value creation.We deeply appreciate your support and encouragement in being part of our journey.
Rewrite Rules Retain Values