Future Enterprises reports Rs 320.56 cr net losses in Q2

The company had posted a net profit of Rs 21.78 crore in the corresponding quarter a year ago. Its revenue from operations was down to Rs 237.88 crore during the quarter under review as against Rs 1,699.84 crore reported in the corresponding quarter last fiscal, Future Enterprises Ltd (FEL) said in a BSE filing.

“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 September 30, 2020,” said FEL.

FEL develops, owns and leases retail infrastructure for the Future Group. It handles backend operations of the group’s retail business. It also holds Future Group’s investments in subsidiaries and JVs including insurance, textile manufacturing, supply chain and logistics. On August 29 this year, the Future Group announced selling the retail and wholesale business to Reliance Retail in a Rs 24,713 crore deal.