Future Consumer Ltd (FCL) on Saturday reported a lower net loss of Rs 155.12 crore for the quarter ended on March 31, 2021, compared to that of Rs 175.46 crore in the year-ago quarter.
Revenue from operations of FCL, which is the FMCG arm of the Future group, declined by 59.2 per cent to Rs 386.26 crore during January-March 2021 compared to Rs 947.07 crore in January-March 2020, according to a regulatory filing by the company.
Total expenses were at Rs 500.06 crore, down 52.5 per cent in the last quarter of 2020-21 against Rs 1,051.87 crore in the year-ago period.
For the full fiscal year, which ended on March 31, 2021, FCL reported a consolidated net loss of Rs 483.30 crore against a net loss of Rs 216.50 crore in the previous year.
Revenue from operations was at Rs 1,184.51 crore in FY 2020-21, down 70.7 per cent compared to Rs 4,040.33 crore in FY2019-20.
According to the company, it had to face adverse impact on operations and sales due to the Covid-19 pandemic.
"The COVID-19 pandemic is unprecedented, and the Group has experienced its adverse impact. The Group has faced issues in the supply chain, warehousing, packing centres, administrative offices, etc. which has adversely affected the operations of the Group including its ability to be consistent with supplies and sales and which in turn has also impacted the liquidity position of the Group," said FCL in quarter results.
Due to the Covid-19 pandemic and resulting lockdowns, one of the Group's major customers has invoked the force majeure clause and claimed losses on inventory due to expiry/deterioration in the quality of the goods as either the stores were closed or experiencing very low footfalls.