16th August 2021, Mumbai:
Future Retail posted a consolidated net loss of Rs 1,147.28 crore in Q1 FY2021-22 as the company was impacted by the second COVID-19 wave. The company had posted a net loss of Rs 552.91 crore for April-June period a year ago. Future Retail’s total income during the quarter declined to Rs 1,407.11 crore as against Rs 1,447.62 crore in the corresponding quarter previous year. Its total expenses increased to Rs 2,554.39 crore as against Rs 2,000.53 crore in the corresponding quarter last year.
The Kishore Biyani-led Future Group firm entered into debt restructuring of the existing financial debt of the company under an RBI announced resolution framework for COVID-19 related stress. FRL has filed two applications before the Singapore International Arbitration Centre (SIAC), challenging the October 25, 2020 order of the Emergency Arbitrator (EA) restraining the Future Group from going ahead with its Rs 24,713-crore deal with Reliance Industries, which owns Reliance Retail.
In August last year, the board of the company had approved the amalgamation of FRL along with other group companies with Future Enterprises to facilitate the Rs 24,713 crore deal to sell the retail and wholesale business to Reliance Retail.
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