Future Retail Logs Q1 Net Loss Of Rs 562 Crore

Future Retail Ltd on Monday reported a consolidated net loss of Rs 561.95 crore for the first quarter ended June 2020.

The company had posted a net profit of Rs 159.24 crore in the April-June quarter a year ago, Future Retail Ltd (FRL) said in a BSE filing.

Its revenue from operations was down 73.86 per cent to Rs 1,358.11 crore during the quarter under review from Rs 5,197.11 crore in corresponding period last year.

FRL, which operates retail stores as Big Bazaar, fbb, Foodhall, Easyday and Nilgiris, also saw its total expenses coming down to Rs 2,031.54 crore as against Rs 5,046.79 crore, a drop of 59.74 per cent.

Mukesh Ambani's Reliance Industries NSE 0.25 % (RIL) had last month announced to acquire Future Group's retail, wholesale, logistics and warehousing businesses in a Rs 24,713 crore deal.

"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," said FRL.

On August 29, 2020, FRL board had approved the amalgamation of FRL along with other group companies with Future Enterprises Ltd NSE -0.33 % to facilitate Rs 24,713-crore deal to sell the retail and wholesale business to Reliance Retail, owned by oil-to-chemical conglomerate RIL.

Shares of Future Retail Ltd on Monday settled at Rs 101.05 apiece, down 4.98 per cent from the previous close.

Sandip Ginodia , CEO

ALTIUS INVESTECH PVT LTD

We deal in over 60 unlisted companies with 15 years of experience

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

Comments

Reliance's JioMart is averaging half a million orders per day; WhatsApp driving growth

JioMart , Reliance's online-to-offline commerce platform that launched in May , has scaled up rapidly, riding on the pandemic-fuelled digital acceleration. The service, which went live in 200 cities across India, is currently processing an average of 500,000 orders per day. " We can go even higher on peak days", Jio Platforms CEO Kiran Thomas revealed at the Facebook for Fuel India 2020 event. He said, "JioMart is empowering millions of kiranas and small merchants through the simple and secure platform of WhatsApp, and linking them to Reliance Retail's pan-India supply chain. We expect to grow manifold in future, and are optimistic about enabling new cohorts of users and making it easier for them to shop for daily essentials." "Customers are transacting seamlessly on JioMart and the conversational nature of the service enabled by WhatsApp has made people adapt to it intuitively," he added. Reliance also stated that it will continue t

Stock broker SMC Global files for IPO

F inancial services company SMC Global Securities has filed draft red herring prospectus with SEBI for public issue of 1,58,67,380 equity shares of face value of Rs 2 each. The issue comprises a fresh issue of 79,33,690 equity shares by the company and an offer for sale of 79,33,690 shares by Millennium India Acquisition Company Inc. As of September 30, 2012, "We service our broking clients through a network of 43 branches and 2,521 registered sub-brokers and authorized persons spread in more than 500 cities and towns. We have also established an office in Dubai for brokerage and trading activities in that region," the company said. SMC has reported a loss of Rs 0.42 crore and total revenues of Rs 292.24 crore in the year ended March 31, 2012. "The proceeds of the fresh issue shall be utilised for margin maintenance with stock exchanges; part repayment of term loan; investments into subsidiary, SMC Comtrade; and general corporate purposes," according to p

Zomato, Swiggy score 1/10 on working conditions for their workers – ET Retail

Some of India's biggest startups have ranked near the bottom when it comes to working conditions for their gig workers , according to a report released Wednesday. While Swiggy , Zomato and Uber India scored 1/10, Urban Company and Flipkart’s logistics arm EKart scored the highest 8/10 and 7/10, respectively, ‘ Fairwork India Ratings 2020: Labour Standards in the Platform Economy’ showed . The report assessed the companies on five principles: fair play, fair conditions, fair contracts, fair management, and fair representation. Deepinder Goyal, chief executive officer of Zomato Media Pvt. Ltd., acknowledged the ratings on Twitter. “Zomato ranked at the bottom of 2020 Fairwork India scores. We knew we had things to work on, but we didn’t know that there is so much room for improvement.” The company takes full responsibility and “will leave no stone unturned to perform better in the rankings next year,” he added. Zomato received a 4/10 in last year's report. According t

Abhishek Securities

Search This Blog