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Future Retail stock manages to close marginally higher despite Rs 463.62-crore net loss in Q4

Future Retail stock manages to close marginally higher despite Rs 463.62-crore net loss in Q4

The flagship firm of Future Group reported a net loss of Rs 463.62 crore for the quarter ended March 31, 2018 compared with net profit of Rs 123.05 crore in the same period a year ago.

BusinessToday.In
  • Updated May 22, 2018 3:42 PM IST
Future Retail stock manages to close marginally higher despite Rs 463.62-crore net loss in Q4

The Future Retail stock fell in early trade today after the firm posted a net loss of Rs 463.62 crore for the quarter ended March 31, 2018. At 9:41 am, the stock was trading 2.31% or 12.20 points lower at 516.10 on BSE. The stock has been losing for the last four days and is down 11.30% during the period.

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It opened at a loss of 4.41% today.  The stock is up 65.32% during the last one year and is down 1.55% since the beginning of this year.

The stock hit its 52-week high of 639.54 on November 27, 2017 and its 52-week low of 282.32 on May 22, 2017.

However, the stock managed to close marginally higher by 1.23% at 534.80 level on BSE.

The flagship firm of Future Group reported a net loss of Rs 463.62 crore for the quarter ended March 31, 2018 compared with net profit of Rs 123.05 crore in the same period a year ago.

It reported exceptional expense of Rs 603.87 crore in the reported quarter due to demerger of retail business undertaking of Hypercity Retail (India) with the company, which resulted in the loss.

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Future Retail said financial results for the three months and twelve months ended March 31, 2018 are not comparable with corresponding periods of previous year.

Meanwhile, HSBC has cut target price to Rs 700 rupees from Rs 730, keeps "buy" rating, while Jefferies cuts target price to Rs 550 rupees from Rs 560 with a "hold" rating

Jefferies says continues to believe that right to win remains at the large box format and management's target to break even in "Easy Day" during FY19 will be a tough task given strong expansion plans.

Revenue from operations (part of total income) for the quarter is reported net of GST. Therefore, revenue from operations for current periods is not comparable with the earlier periods, it added.

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Total income stood at Rs 4,577.79 crore during the period under review. It was Rs 4,486.39 crore in January-March 2016-17, the company said in a BSE filing.

For 2017-18, Future Retail posted net profit of Rs 11.31 crore. It was Rs 368.28 crore in 2016-17.

Total income in 2017-18 was at Rs 18,489.64 crore. It was Rs 17,089.89 crore in the previous year.

 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: May 22, 2018 3:42 PM IST
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