Covid-19 takes a dig on Future Retail as Q1FY21 witnesses a loss of Rs562cr; Stock slumps 5%

On Sensex, Future Retail stock has slumped nearly 5% with an intraday low of Rs96.10 per piece in early deals.

Sep 15, 2020 11:09 IST India Infoline News Service

Future Retail has announced it's first-quarter ending June 2020 (Q1FY21) result, where the company posted a consolidated net loss of Rs561.95cr against a net profit of Rs159.24cr in the corresponding period of the previous year. On Sensex, Future Retail stock has slumped nearly 5% with an intraday low of Rs96.10 per piece in early deals.

Consolidated revenue from operations was at Rs1,358.11cr in the quarter under review, declining by 73.86% compared to Rs5,197.11cr a year ago same period.

Meanwhile, consolidated total expenses stood at Rs2,031.54cr in Q1FY21, decreasing by 59.74% from Rs5,046.79cr in the similar quarter last year.

In its financial audit report, Future Retail said, "COVID-19 pandemic and consequent lockdown imposed throughout the country, has had a significant adverse impact on the business operations and the financial results of the Company for the quarter ended June 30, 2020."

At around 11.16 AM, Future Retail stock was trading at Rs98.60 per piece down 2.42% on Sensex. 

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