'Future Retail' Q1FY21 net loss widens to Rs 1,147 crore
25th August 2021, Mumbai:
The Q1FY21 consolidated net loss of Future Retail widened to Rs 1,147 crore ($155 million), as against a net loss of Rs 553 crore it reported in the year-ago period.
As per a Fashion Networkn report, the company’s revenue for the quarter was down to Rs 1,407 crore, as against Rs 1,448 crore it reported in the corresponding period of the previous fiscal year. Its expenses for the quarter were at Rs 2,554 crore as against last year’s Rs 2,000 crore.
FRL has entered into debt restructuring of the existing financial debt of the company under an RBI announced resolution framework for COVID-19 related stress. The One Time Restructuring (OTR) has been implemented by execution of the documents by the company and eligible lenders on April 26, 2021
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FRL operates retail stores like Big Bazaar, Fashion Big Bazaar, Foodhall, Easyday, and Nilgiris. Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd (RIL), last year acquired Future Group’s retail, wholesale business, logistics, and warehousing business for Rs 24,713 crore.
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