Future Enterprises Q1 result: Net consolidated loss rises to Rs 295.15 crore

Kishore Biyani-led Future Enterprises has reported Rs 295.15 crore consolidated loss for the April-June quarter, compared to Rs 293.78 crore loss during the same period last year.

For the year ending March 31, 2021, the company, which was severely impacted by the nationwide lockdown imposed during the first Covid wave last year, had recorded a net consolidated loss of Rs 1,121.79 crore.

In the previous quarter ending March 31, Future Enterprises’ consolidated loss stood at Rs 271.82 crore. The company’s revenue from operations for the said quarter stood Rs 448.12 crore vs Rs 304.39 during the same period last year. In Q4 FY22, Future group’s revenue stood at Rs 545 crore.

Total expenses in the said quarter stood Rs 768.37 crore vs Rs 639.27 in the year-ago period.

“The outbreak of Covid-19 pandemic has created economic disruption throughout the world, including India. Consequently, the revenue and profitability for the quarter ended June, 2021, has been adversely impacted,” the company said in a statement.

The company said it is closely monitoring the development and possible effects on the financial condition, liquidity,  operations, and is actively working to minimise the impact of this unprecedented situation.

Meanwhile, Future Enterprises subsidiary Future Coupons has moved the Supreme Court today, challenging the Delhi HC order on the Reliance-Future group deal. The company, in another statement to the stock exchanges, said the Future group promoters have lodged “a Special Leave Petition against Amazon before the Supreme Court to challenge the orders passed by the Delhi High Court in execution proceedings for enforcing the interim order dated 25 October 2020 of the Emergency Arbitrator”.

“These proceedings are likely to be listed and heard by the Hon’ble Supreme Court,” it said. The Future Enterprises stock closed at Rs 9.05, which is Rs 0.15 or 1.69 per cent up, on the NSE today.

 

Read More; https://www.businesstoday.in/latest/corporate/story/future-enterprises-q1-result-net-consolidated-loss-rises-to-rs-29515-crore-304023-2021-08-12

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