Future Retail net loss widened by around 26 per cent in the December quarter (Q3) of financial year 2021-22 (FY22) to Rs 1,063.36 crore, compared with a loss of Rs 846.92 crore in the corresponding period a year ago.
However, the Kishore Biyani-led retail company saw its revenue from operations increase by 87 per cent to Rs 2,816 crore in the December quarter.
The retailer’s PBIDT (profit before interest, depreciation and tax) loss widened to Rs 310 crore in the quarter compared to Rs 76 crore in the year-ago period. On January 29, the retailer defaulted on its loan repayment of Rs 3,494 crore to lenders and approached the Supreme Court for another 14 days to come up with a resolution with lenders.
Given the loss in Q3, the company’s networth (excluding capital reserve) stood at a negative Rs 2,162.16 crore, higher than negative Rs 1,096.47 crore in the September 2021 quarter.
Meanwhile, the National Company Law Appellate Tribunal (NCLAT) on Monday adjourned till February 25 the hearing on the plea of e-commerce major Amazon, seeking an interim stay over the order passed by the Competition Commission of India, which suspended the over-two-year-old approval for its deal with Future Coupons (FCPL).
When the matter was called for hearing, a two-member Bench expressed its difficulties to take up the matter on Monday, as one of the members is retiring in the next four days, after completing his tenure. Business Standard