Future Enterprises update
Last updated: 17 Dec, 2020 | 01:34 pm
Future Enterprises Q2 loss widens to ₹320 crore
- As shown in the table above, Future Enterprises has reported a loss of ₹320 crore in Q2FY21, due to a drop in revenue from operations.
- Covid-19 had a significant impact on businesses and particularly, lockdown, closure of stores and the slowdown in economic activity resulted in significant decrease in its revenues and profitability.
Update on NCD payments
- Future Enterprises has proposed to utilise the consideration received from the pending ₹24,713 crore deal with Reliance Industries for pre-payment of the Non-Convertible Debentures (NCDs) (View details of deal)
- The proposed deal has now received the approval of the Competition Commission of India (CCI) but the final approval of SEBI and National Company Law Tribunal (NCLT) is still pending.
In case the final deal gets the approval of the regulatory authorities, it will be a positive development for the company, and will aid the stock.