Senior Correspondent, IndianRetailer.com & Retailer Magazine May 24, 2017 / 2 MIN READ
Kishore Biyani’s Future Retail has witnessed a 17.3% increase in net profit to Rs 123.05 crore for the three month period ended March 31, 2017
According to the company, it had posted a profit of Rs 104.9 crore in the same period a year ago.
For the year ending March 31, 2017, the company has recorded over 25 fold jump in its profit at Rs 365.50 crore as compared to Rs 14.32 crore it posted a year ago.
Future Retail said that the total income from operations of the company increased to Rs 4483.84 crore during FY16-17, from Rs 3578.08 crore in the same period last fiscal.
The total income of the company at the end of FY 2016-17 more than doubled to Rs 17,075.09 crore, compared to Rs 6845.13 crore in previous fiscal.
Unveiling India's Retail Revolution: Tech Disruptions, Consumer Shifts, and the Future of E-CommerceGiven this divergence, industry projections indicate Tier II and III cities will continue dramatically outpacing their Tier I counterparts in online order growth rates over the next decade.
During Mumbai Tech Week, Chandok also emphasized that those who do not embrace AI, risk falling behind in the rapidly evolving technological landscape.
In the dynamic arena of retail, departmental stores stand tall as monuments of progress, convenience, and diverse offerings.
But the winds began to shift in the mid-2010s. Mounting debt, fueled by ambitious expansion plans and a competitive landscape increasingly dominated by e-commerce players like Amazon and Flipkart, put immense pressure on Future Retail.
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