Future Retail logs Q2 consolidated net loss of Rs 692 Cr

Mumbai, Nov 13 (SocialNews.XYZ) Future Retail on Friday reported a consolidated net loss of Rs 692.36 crore for the July-September period.

During the same period last fiscal, the company had reported a consolidated net profit of Rs 165.08 crore.

Its revenue from operations during the period under review was Rs 1,424.11 crore, compared to Rs 5,449.06 crore earned in the second quarter of FY20.

In a regulatory filing, the company said that the Covid-19 pandemic has had a significant impact on the business operations and the financial results of the company for the quarter and six months ended September 30, 2020.

The company will continue to closely monitor any material changes to future economic conditions, it said, adding that the company continues to take various precautionary measures to ensure health and safety of its customers, employees and their families from Covid-19 pandemic.

In August, Future Group sold its retail assets along with its logistics and wholesale businesses to Reliance Retail Ventures Ltd. The deal has however been legally contested by e-commerce major Amazon, which says the proposed acquisition is in breach of an agreement wherein Amazon picked up stake in Future Coupons.

The Singapore International Arbitration Centre (SIAC) last month passed an interim order temporarily restraining Future Retail from selling its assets to RIL-led Reliance Retail.

Future has moved the Delhi High Court and it has told the court on Thursday that Amazon has deliberately mischaracterised the Future Retail Limited's (FRL) suit in a manner to confuse the court.

Source: IANS