Kishore Biyani-led Future Retail has posted a net loss of Rs 463.62 crore for the quarter ended March 31, 2018, a comparatively huge increase from its corresponding year’s loss of 123.05 crore for the same period.
The company reported exceptional expense of Rs 603.87 crore in the reported quarter due to the 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.
For the period under review, the total revenue stood at Rs 4,577.79 crore while it was Rs 4,486.39 crore in January-March in corresponding year, 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.
Future Retail In October last year had expressed its desire to acquire Hypercity that operates 19 large format premium stores in some key cities from the K Raheja group firm Shoppers Stop.