Future Retail posts Q2 net loss of Rs 692 crore; net sales down 74%

Future Retail Ltd on Friday reported a consolidated net loss of Rs 692.36 crore for the second quarter ended September 2020, hit by disruptions caused due to the COVID-19 pandemic.

The company, whose promoter had announced Rs 24,713 crore deal to transfer the retail business to Reliance Industries owned Reliance Retail Ventures, had posted a net profit of Rs 165.08 crore in the July-September quarter in 2019, Future Retail Ltd (FRL) said in a BSE filing.

Its revenue from operations was down 73.86 per cent at Rs 1,424.21 crore during the quarter under review as against Rs 5,449.06 crore in the corresponding quarter last year.