Future Enterprises posts Q3 net profit of Rs 81.92 crore

Homegrown retail major Future Enterprises today reported a standalone net profit of Rs 81.92 crore for the quarter ended on December 31, 2017.

The company, earlier known as Future Retail Ltd (FRL), had posted a net loss of Rs 37.11 crore in the corresponding quarter of the previous fiscal.

Future Enterprises' (FEL) revenue from operation stood at Rs 1,091.41 crore in the quarter under review. It was Rs 944.73 crore in the year-ago period, the company said in a BSE filing.

The company said revenue from operations for the current periods are not comparable with the corresponding earlier periods.
"Revenue from operations for the quarter ... was reported inclusive of excise duty. Goods and Service Tax (GST) was implemented with effect from July 1, 2017, which replaced excise duty and other input taxes," it added.

In a separate filing, Future Enterprises said its board approved raising up to Rs 1,500 crore via secured redeemable non-convertible debentures (NCDs) in one or more tranches within a year, subject to approval by the members.

The company said it will use proceeds to "mainly replace few of its current or near term maturity debts as well as some more high cost debts with fresh mobilisation of funds".

Shares of the company were trading 8.72 per cent higher at Rs 45.50 on BSE.