Future group: Future Retail Q1 loss widens to Rs 1,147 cr

Future Retail Ltd (FRL) on Saturday reported widening of its consolidated web loss at Rs 1,147.28 crore for June quarter 2021-22, impacted by the second wave of the pandemic. The corporate had posted a web lack of Rs 552.91 crore for April-June interval a yr in the past, FRL mentioned in a BSE submitting.

Complete revenue was all the way down to Rs 1,407.11 crore throughout the quarter underneath evaluation from Rs 1,447.62 crore within the year-ago interval.

Complete bills of FRL, which operates retail shops like Huge Bazaar, fbb, Foodhall, Easyday and Nilgiris, had been at Rs 2,554.39 crore as towards Rs 2,000.53 crore.

“The outbreak of COVID-19 pandemic has created financial disruption all through the world together with India. Consequently, the income and profitability for the quarter ended June 2021 have been adversely impacted,” it mentioned.

The Kishore Biyani-led Future Group agency mentioned it has entered into debt restructuring of the present monetary debt of the corporate underneath an RBI introduced decision framework for COVID-19 associated stress.

“The One Time Restructuring (OTR) has been carried out by execution of the paperwork by the corporate and eligible lenders on April 26, 2021,” it mentioned.

FRL additionally shared the updates concerning the ongoing dispute with e-commerce main Amazon over the sale of retail and wholesale, and logistics and warehousing enterprise to Reliance Retail, by the Future Group.

It has filed two functions earlier than the Singapore Worldwide Arbitration Centre (SIAC), difficult the October 25, 2020 order of the Emergency Arbitrator (EA) restraining the Future Group from going forward with its Rs 24,713-crore take care of

, which owns Reliance Retail.

“Additional, in relation to the Arbitration Proceedings, a Tribunal has been constituted by SIAC on January 5, 2021 and the corporate has filed two functions earlier than the Tribunal, first being an software underneath part 16 of the Act difficult the jurisdiction of the Tribunal; and second, being an software underneath Rule 10 of Schedule I of SIAC Guidelines for the holiday of the EA Order.

“The listening to for each the functions was concluded on July 16, 2021, and verdict of the Tribunal is awaited on the mentioned functions,” it mentioned.

In August final yr, the board of the corporate had accepted the amalgamation of FRL together with different group firms with Future Enterprises Ltd to facilitate the Rs 24,713 crore deal to promote the retail and wholesale enterprise to Reliance Retail.

FRL mentioned it “intends to pursue all out there avenues to conclude the deal” to guard the pursuits of its stakeholders and workforce.