Future Retail reports Rs 846.92 crore net loss in Q3

In the third quarter ended 2020, Future Retail reported a consolidated net loss of Rs 846.92 crore as business continued to be impacted by the pandemic. The company had posted a net profit of Rs 164.56 crore in the October-December quarter a year ago.

Revenue from operations declined 71 per cent to Rs 1,506.87 crore during the quarter under review as against Rs 5,193.19 crore of the corresponding quarter last fiscal. Its expenses declined to Rs 2,391.43 crore as against Rs 5,042.46 crore, down 52.6 per cent.

In August last year, the FRL board approved the amalgamation of FRL along with other group companies with Future Enterprises to facilitate Rs 24,713 crore deal to sell the retail and wholesale businesses to Reliance Retail