Future Retail Ltd (FRL) on Saturday reported widening of its consolidated net loss at Rs 1,147.28 crore for June quarter 2021-22, impacted by the second wave of the pandemic.
The company had posted a net loss of Rs 552.91 crore for April-June period a year ago, FRL said in a BSE filing.
Total income was down to Rs 1,407.11 crore during the quarter under review from Rs 1,447.62 crore in the year-ago period.
Total expenses of FRL, which operates retail stores like Big Bazaar, fbb, Foodhall, Easyday and Nilgiris, were at Rs 2,554.39 crore as against Rs 2,000.53 crore.
"The outbreak of COVID-19 pandemic has created economic disruption throughout the world including India. Consequently, the revenue and profitability for the quarter ended June 2021 have been adversely impacted," it said.
The Kishore Biyani-led Future Group firm said it has entered into debt restructuring of the existing financial debt of the company under an RBI announced resolution framework for COVID-19 related stress.
"The One Time Restructuring (OTR) has been implemented by execution of the documents by the company and eligible lenders on April 26, 2021," it said.
FRL also shared the updates about the ongoing dispute with e-commerce major Amazon over the sale of retail and wholesale, and logistics and warehousing business to Reliance Retail, by the Future Group.
It has filed two applications before the Singapore International Arbitration Centre (SIAC), challenging the October 25, 2020 order of the Emergency Arbitrator (EA) restraining the Future Group from going ahead with its Rs 24,713-crore deal with Reliance Industries, which owns Reliance Retail.
"Further, in relation to the Arbitration Proceedings, a Tribunal has been constituted by SIAC on January 5, 2021 and the company has filed two applications before the Tribunal, first being an application under section 16 of the Act challenging the jurisdiction of the Tribunal; and second, being an application under Rule 10 of Schedule I of SIAC Rules for the vacation of the EA Order.
"The hearing for both the applications was concluded on July 16, 2021, and verdict of the Tribunal is awaited on the said applications," it said.
In August last year, the board of the company had approved the amalgamation of FRL along with other group companies with Future Enterprises Ltd to facilitate the Rs 24,713 crore deal to sell the retail and wholesale business to Reliance Retail.
FRL said it "intends to pursue all available avenues to conclude the deal" to protect the interests of its stakeholders and workforce.
