Future Lifestyle reports net profit of Rs 6.98 cr in Q2

Future Lifestyle and Fashions Ltd (FLFL) registered a net profit of Rs 6.98 crore for the second quarter of 2014-15 fiscal the company said in a BSE filing. The company had reported net profit of Rs 108.90 crores in corresponding period of the previous fiscal. During July-September 2014, FLFL's net sales stood at Rs 874.12 crores, up 26.68 percent as against Rs 690.01 crores in the corresponding period a year ago,.

Recently, FLFL acquired a majority 60 percent stake in footwear firm Elisir Lifestyle for an undisclosed amount. “The company has acquired 60 percent stake in Elisir Lifestyle, a company engaged in business of manufacture, supply and distribution of footwear and accessories in India,” the BSE filing said.

On the other hand, it divested a minority 31.5 percent stake in Celio Future Fashion for an undisclosed amount. Future Lifestyle now holds a 3.5 percent stake in Celio Future Fashion. This is in line with the company’s strategy to exit from its non-core businesses. In November last year, Future Lifestyle Fashions had divested minority stakes in ethnic wear firm Biba Apparels and designer Anita Dongre-owned AND for Rs 450 crores.