Future Retail Q3 FY21 Net Loss Widens to Rs 846.92 cr; Revenue Plunges by 71 pc

The company's net loss widened as business operations continued to be impacted by the pandemic during the quarter.
Future Retail Q3 FY21 Net Loss Widens to Rs 846.92 cr; Revenue Plunges by 71 pc

Future Retail Ltd has posted a consolidated net loss of Rs 846.92 crore for the third quarter ended in December 2020. The company’s net loss widened as business operations continued to be impacted by the pandemic during the quarter.

The Kishore Biyani-led company had reported a consolidated net loss of Rs 692.36 crore in the September quarter of the current fiscal. It had posted a net profit of Rs 164.56 crore in the year-ago period.

Future Retail’s revenue from operations was down 71 percent to Rs 1,506.87 crore during the quarter under review as against Rs 5,193.19 crore of the corresponding quarter last fiscal.

Future Retail said in a statement, “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.”

The firm’s total expenses declined more than half to Rs 2,391.43 crore in Q3 FY21, from Rs 5,042.46 crore in Q3 FY20.

“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 added.

Future Retail operates retail stores like Big Bazaar, fbb, Foodhall, Easyday, and Nilgiris.

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