Future Retail net loss widened by around 26 per cent in the December quarter (Q3) of financial year 2021-22 (FY22) to Rs 1,063.36 crore, compared with a loss of Rs 846.92 crore in the corresponding period a year ago.
However, the Kishore Biyani-led retail company saw its revenue from operations increase by 87 per cent to Rs 2,816 crore in the December quarter.
The retailer’s PBIDT (profit before interest, depreciation and tax) loss widened to Rs 310 crore in the quarter compared to Rs 76 crore in the year-ago period. On January 29, the retailer defaulted on its loan repayment of Rs 3,494 crore to lenders and approached the Supreme Court for another 14 days to come up with a resolution with lenders.
Given the loss in Q3, the company’s networth (excluding capital reserve) stood at a negative Rs 2,162.16 crore, higher than negative Rs 1,096.47 crore in the September 2021 quarter.
NCLAT
Meanwhile, the National Company Law Appellate Tribunal (NCLAT) on Monday adjourned till February 25 the hearing on the plea of e-commerce major Amazon, seeking an interim stay over the order passed by the Competition Commission of India, which suspended the over-two-year-old approval for its deal with Future Coupons (FCPL).
When the matter was called for hearing, a two-member Bench expressed its difficulties to take up the matter on Monday, as one of the members is retiring in the next four days, after completing his tenure.
Adani Enterprises posts loss
Impact on its developing business led to Adani Enterprises Ltd. (AEL) registered a consolidated net loss of Rs 11.63 crore attributable to owners of the company for the third quarter of financial year 2022 (Q3, FY22). AEL had registered an attributable profit after tax (PAT) of Rs 296.81 crore in Q3, FY21.
Adani-Wilmar up after listing
In its first quarterly results after listing on stock exchanges, Adani Wilmar Limited (AWL) has registered a net profit of Rs 211 crore for the Q3, FY22. A joint venture between Adani Group of India and Wilmar Group of Singapore, AWL's consolidated revenues for the quarter stood at Rs 14,379 crore in FY22.
Grasim becomes net debt free
The Aditya Birla Group flagship, Grasim Industries, has become net debt free on a standalone basis after selling its fertiliser business. In its Q3, FY22 results, the company said its consolidated revenue rose 16 per cent to Rs 24,402 crore, while its earnings before interest, tax, depreciation and amortisation (Ebitda) was Rs 4,107 crore.
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