Future Consumer Ltd (FCL) recorded a reduced net loss of Rs 155.12 crore for the fiscal quarter ending March 31, 2021, compared to Rs 175.46 crore in the previous quarter. According to a regulatory statement by the business, revenue from operations of FCL, the FMCG part of the Future group, fell by 59.2 percent to Rs 386.26 crore during January-March 2021 compared to Rs 947.07 crore in January-March 2020.
Total costs were Rs 500.06 crore in the fourth quarter of 2020-21, a 52.5 percent decrease from Rs 1,051.87 crore the previous year.
Future Consumer Ltd recorded a combined net loss of Rs 483.30 crore for the fiscal year that ended on March 31, 2021, compared to a net loss of Rs 216.50 crore the previous year.
In FY 2020-21, revenue from operations was Rs 1,184.51 crore, a 70.7 percent decrease from Rs 4,040.33 crore in FY2019-20. According to the firm, the Covid-19 epidemic had a negative influence on operations and revenue.
“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,” stated FCL in quarter results.
Due to the Covid-19 epidemic and the ensuing lockdowns, one of the Group’s main customers invoked the force majeure contract and claimed inventory losses due to expiry/deterioration in the quality of the items since the stores were either shuttered or having very low footfalls.
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