Home Business Future Retail posts Rs 692 cr net loss in Jul-Sep

Future Retail posts Rs 692 cr net loss in Jul-Sep

Kishore Biyani’s flagship firm Future Retail Ltd (FRL) on Friday reported a consolidated net loss of Rs 692.36 crore for the September quarter, because the disruption from the coronavirus pandemic took its toll. The firm had posted a net revenue of Rs 165.08 crore in the identical quarter final fiscal.

Revenue from operations fell 73.86% at Rs 1,424.21 towards Rs 5,449.06 crore in the corresponding quarter final fiscal. The firm noticed its whole bills through the quarter drop 58.8% to Rs 2,181.85 crore towards Rs 5,304.80 crore in July-September 2019 quarter.

“The Covid-19 pandemic has had a significant impact on the business operations and the financial results of the company for the quarter and six months ended September 30, 2020,” the corporate mentioned in a regulatory submitting.

FRL operates retail retailer chains corresponding to Big Bazaar, fbb, Foodhall, Easyday and Nilgiris.

Biyani who agreed to promote Future Retail to Reliance Retail for Rs 24,713 crore this August, is presently embroiled in a authorized tangle with Amazon.com Inc which has objected to the deal. Amazon and Future Retail have each filed pleas earlier than the Delhi excessive court docket.

While FRL has filed a lawsuit towards Amazon in the Delhi excessive court docket to cease it from interfering in the RIL-Future deal, the US retail large has urged instant intervention by regulators Securities and Exchange Board of India (Sebi) and Competition Commission of India (CCI) to halt the deal.

Amazon has accused FRL of breaching takeover norms, deceptive buyers, disregarding the award of the Singapore International Arbitration Centre (SIAC) and performing towards the small shareholders of debt-laden Future Group.

Amazon had on October 25 received an injunction from the Singapore arbitrator to bar FRL from promoting its retail property to RIL.

Amazon had contended that each one the events had agreed to arbitration earlier than the Singapore International Arbitration Centre (SIAC) and the arbitral award handed is legitimate and authorized.

Biyani had mentioned on October 14 that the retailer misplaced practically Rs 7,000 crore income in first three-four months of the pandemic because of closing of shops, which compelled him to promote his enterprise to RIL.

Shares of FRL closed flat at Rs 68 on the BSE

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