Net loss widens to Rs 1,063.4 Cr; Turnover up by 86.8% to Rs 2,815.7 Cr
Future Retail Ltd (FRL) on Monday announced the widening of its consolidated net loss to Rs 1,063.36 crore for the third quarter ended December 31, 2021. The company had recorded a net loss of Rs 846.92 crore during the corresponding quarter last year, FRL said in an ESB filing.
Its total income in October-December 2021 jumped 86.85% to Rs 2,815.68 crore from Rs 1,506.87 crore a year ago. Total expenditure of FRL, which operates retail stores like BigBazaar, fbb, Foodhall, Easyday and Nilgiris, amounted to Rs 3,890.02 crore, a jump of 62.66% from Rs 2,391.43 crore one year ago.
Kishore Biyani Company, which had a default of Rs 3,494.56 crore to its lenders, is in talks with the lenders. “The company is currently in discussions with the lenders for the continuation of operations after the occurrence of the event of default and tries to find an amicable solution to present the financial situation of the company,” he said. .
FRL had last year entered into a one-time restructuring (OTR) program for companies affected by COVID-19 with a consortium of banks and lenders in accordance with the RBI circular dated August 6, 2020, and was to pay “a total amount of Rs 3,494.56 crores” by December 31, 2021.
The company also shared the updates on the legal fight with e-commerce giant Amazon over the 24,713 crore retail and wholesale sales, logistics and warehousing business from its developers and the Future group at Reliance. Retail, owned by oil-chemical conglomerate Reliance. industries ltd.
In August 2020, the company’s board had approved the merger of FRL with other group companies with Future Enterprises Ltd to facilitate a Rs 24,713 crore deal to sell the retail and wholesale business to RelianceRetail. Shares of Future Retail Ltd settled at Rs 45.15 on BSE on Monday, down 4.24% from the previous close.