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Q3FY15 net sales up 15% at Kishore Biyani led Future Retail
16
Feb '15
Net sales at Kishore Biyani led; Future Retail rose 15 per cent year on year in the third fiscal quarter ending December 31, 2014.

Net sales in the third quarter of fiscal 2015 increased to Rs 2,616.03 crore as against Rs 2,276.30 crore in the corresponding quarter of previous fiscal, up 15 per cent.

However, total expenses also drove up by 13.5 per cent in the reporting quarter to Rs 2,474.36 crore from Rs 2,180.69 crore in the third quarter of fiscal 2014.

Among all financial parameters, the best gain was reported by profit before other income, finance cost and exceptional items which surged 26.47 per cent from a year ago quarter to Rs 180.38 crore.

Finance costs expanded to Rs 177.50 crore in the third quarter of current fiscal compared to Rs 149.27 crore, up a massive 19 per cent.

In the quarter under review, pre-tax profits fell sharply to Rs 7.87 crore as against Rs 32.18 crore, down 75.5 per cent.

In the third quarter of fiscal 2014, Future Retail had shown profit on sale of investments amounting to Rs 30.81 crore, otherwise pretax profits would have been just Rs 1.37 crore.

Tax expense at Future Retail in the reporting quarter fell by a steep 75.5 per cent from the prior fiscal third quarter to Rs 2.55 crore.

Net profit at Rs 5.32 crore was also down by 75.5 per cent from Rs 21.74 crore in the same quarter of last fiscal.

In a separate BSE filing, Future Retail's Board approved divestment of part of its investments in its subsidiary, Future Supply Chain Solutions Ltd.

It authorised the committee to consider various options for a value up to Rs 700 crore, such as offer for sale as part of initial public offering (IPO), sale to private equity or a strategic investor.

Future Retail is the flagship company of Future Group and operates in multiple retail formats like Big Bazaar, Fashion at Big Bazaar, Home Town, etc. (AR)

Fibre2fashion News Desk - India

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