Future Retail makes Rs 100 crores profit

Future Retail has posted a standalone net profit of Rs 101.05 crores for the third quarter ended December 31. The company had posted a net profit of Rs 53.83 crores in the October-December period of the previous fiscal. Total income from operations stood at Rs 4,420.12 crores in the quarter under review as against Rs 2,496.07 crores in the year-ago period.

Future Retail is the flagship company of the Future Group. It operates multiple retail formats in both the hypermarket, supermarket and home segments of the Indian consumer market including Big Bazaar, fbb, Food Bazaar, Home Town. It serves customers in more than 240 cities across the country through over 11 million square feet of retail space.

The retailer has a multi-pronged strategy to boost profitability by expanding its small store network, increasing margins in the food and fast-moving consumer goods portfolio, building an omni-channel network, increasing stock velocity and leveraging its customer data across group companies to increase sales per customer.

In May 2015, Future Group had agreed to merge its retail business with rival Bharti Retail in an all-stock deal. The name of the company has been changed from Bharti Retail to Future Retail. Future Retail’s standalone net profit for the second quarter was Rs 73.63 crores.