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Monday, March 1, 2021

Future Enterprises plunges 5% on Rs 395 crore Q4 loss

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NEW DELHI: Shares of Future Enterprises plunged 5 per cent in Tuesday’s trade after the company reported a consolidated net loss of Rs 394.77 crore for the March quarter.

The Future Group firm had posted a net profit of Rs 66.58 crore in the March quarter a year ago, Future Enterprises said in a BSE filing.

Revenue from operations plunged 50.01 per cent to Rs 783.28 crore during the quarter compared with Rs 1,566.96 crore in the same period last year. FEL handles backend operations of the group’s retail business.

Following the results, the stock fell 5 per cent to hit a low of Rs 13.65 on BSE.

The results came a few days after the company board approved amalgamation of the Future Group entities with the company to facilitate Rs 24,713 crore deal to sell the retail and wholesale business to Reliance Retail, owned by oil-to-chemical conglomerate Reliance Industries.

It has announced the merger key group companies including Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks into FEL.

“Future Enterprises will subsequently sell by way of a slump sale the retail and wholesale business that includes key formats such as Big Bazaar, fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL),” a Future group statement had said in August.

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