29 August 2022, Mumbai
The Q1 FY23 consolidated net loss of Future Lifestyle Fashions narrowed to Rs 135.96 crore against a net loss of Rs 348.08 crore in the corresponding quarter a year ago.
The company’s revenue from operations declined by 8.42 percent to Rs 272.88 crore during the period under review as against Rs 297.99 crore in the corresponding period last fiscal. Its total expenses declined by 33.45 percent to Rs 436.56 crore against Rs 656.07 crore a year ago.
FLFL has in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs), and other multi-brand outlets (nearly a dozen apparel labels, including Lee Copper, Champion, aLL, Indigo Nation, Giovani, John Miller, Scullers, Converse, and Urbana) in its portfolio.
According to Future Lifestyle Fashions, under the One Time Restructuring (OTR) plan with the lenders, FLFL has debt servicing obligations aggregating to Rs 422.11 crore within the next 12 months, which comprises repayment of the principal amount of long-term debts of Rs 277.04 crore and short-term borrowings of Rs 145.07 crore.
The company’s current liabilities exceeded its current assets (including assets held for sale) by Rs 1,180.66 crore as on March 31, 2022.
Also, it has already defaulted on repayment of Rs 335.08 crore of principal amount on loans from banks as on June 30, 2022.
Since classification as NPA, the company has already repaid the principal amount of debt amounting to Rs 76.67 crore, FLFL added.
Further, the company has initiated the process for the monetization of some of the assets to repay the debts and to manage the working capital requirements as part of the same plan, said FLFL.
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