Its income from operations was right down to Rs 237.88 crore through the quarter below assessment as towards Rs 1,699.84 crore reported within the corresponding quarter final fiscal, Future Enterprises Ltd (FEL) stated in a BSE submitting.
“Covid-19 pandemic and consequent lockdown imposed all through the nation has had a major opposed affect on the enterprise operations and the monetary outcomes of the corporate for the quarter ended September 30, 2020,” stated FEL.
FEL develops, owns and leases retail infrastructure for the Future Group. It handles backend operations of the retail enterprise of the Future Group. The corporate additionally holds Future Group’s investments in subsidiaries and joint ventures together with insurance coverage, textile manufacturing, provide chain and logistics.
On August 29 this yr, the Future Group introduced promoting the retail and wholesale enterprise to Reliance Retail in a Rs 24,713 crore deal.
It introduced plans to merge key group firms, together with Future Retail, Future Way of life Fashions, Future Client, Future Provide Chains and Future Market Networks into FEL.
In October this yr, Future Group founder Kishore Biyani had stated the homegrown retail main misplaced practically Rs 7,000 crore income in first three-four months of the Covid-19 pandemic attributable to closing of shops, which led him to promote his enterprise to Reliance Industries.
Shares of Future Enterprises had been buying and selling 1.23 per cent increased at Rs 11.52 apiece on the BSE.