16 September 2022, Mumbai:
Future Enterprises underwent a consolidated net loss of Rs 2,296 crores in the fourth quarter.
The company’s revenue for the quarter was down by 13 per cent. Expenses rose by 36 per cent. The widening of its losses and drop in revenue are attributed to factors including failure of the deal with Reliance, attrition of employees, and litigations.
The company’s financial condition took a serious downturn due to events such as cancellation of the scheme of amalgamation, huge attrition of employees, financial instability, litigations faced by related party, non-functioning of production units coupled with Covid.
Future Enterprises was part of 19 group companies operating in the retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a deal announced in August 2020. The deal was called off by Reliance in April after it failed to get lenders' support.
Future Enterprises is a Future Group firm. Future Group is the parent of four listed retail entities Future Retail, Future Lifestyle Fashion, Future Consumer and Future Enterprises.
Future Enterprises has acquired a 55 per cent stake in LivQuik Technology.LivQuik Technology operates QuikWallet. This is a mobile wallet that enables customers to pay at retail outlets and restaurants directly from their smart phones.
Join our community on Linkedin
