In its first quarter ended June 2020, Future Group reported a consolidated net loss of Rs 561.95 crore. Revenue from operations declined by 73.86 per cent to Rs 1,358.11 crore from Rs 5,197.11 crore in corresponding period last year. Total expenses declined to Rs 2,031.54 crore as against Rs 5,046.79 crore, a drop of 59.74 per cent.
Last month, Future Group's deal to merge its retail, wholesale, logistics and warehousing businesses with Reliance Industries was approved as COVID-19 pandemic and consequent lockdown imposed throughout the country had a significant adverse impact on the business operations and the financial results of the company for the quarter ended June 30, 2020. The deal was approved on August 29, 2020 by the Future Retail board. The Rs 24,713-crore deal involved selling of retail and wholesale business to Reliance Retail, owned by oil-to-chemical conglomerate Reliance Industries