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Future Enterprises This fall consequence: Web loss at ₹394.77 crore

Future Enterprises Ltd on Monday reported a consolidated web lack of 394.77 crore for the fourth quarter ended March 31, 2020.

The corporate had posted a web revenue of 66.58 crore within the January-March quarter a 12 months in the past, Future Enterprises Ltd (FEL) mentioned in a BSE submitting.

Not too long ago, the board of FEL has accepted amalgamation of the Future Group entities with the corporate to facilitate 24,713 crore deal to promote the retail and wholesale enterprise to Reliance Retail, owned by oil-to-chemical conglomerate Reliance Industries Ltd.

Its income from operations was down 50.01 per cent to 783.28 crore in the course of the quarter underneath overview, as in opposition to 1,566.96 crore in the identical interval final fiscal.

FEL’s complete bills stood at 1,174.77 crore, in comparison with 1,524.68 crore, down 22.94 per cent.

For fiscal 2019-20, FEL web loss was at 369.51 crore. It had registered a web revenue of 175.44 crore in 2018-19.

Its income from operation in 2019-20 was down 10.32 per cent at 5,365.66 crore. It was 5,983.14 crore within the previous fiscal.

FEL handles backend operations of the group’s retail enterprise.

On August 29, 2020, Future group had introduced to promote the retail and wholesale enterprise to Reliance Retail.

It has introduced to merger key group firms together with Future Retail, Future Way of life Fashions, Future Shopper, Future Provide Chains and Future Market Networks into FEL.

“Future Enterprises will subsequently promote by means of a hunch sale the retail and wholesale enterprise that features key codecs resembling Massive Bazaar, fbb, Foodhall, Easyday, Nilgiris, Central and Model Manufacturing unit to Reliance Retail and Trend Way of life Restricted (RRFLL), a wholly-owned subsidiary of Reliance Retail Ventures Restricted (RRVL),” a Future group assertion had mentioned in August.

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