India-based Future Group, which owns and operates lifestyle stores like Brand Factory, Central, etc., has announced the financial results of its retail flagship Future Retail (initially Pantaloons Retail India Ltd.) for the third quarter of the current fiscal.
The company reported a standalone net profit of Rs. 183.14 crores, up by 81 per cent during the quarter under review as compared to the net profit of Rs. 101.05 crores in the same period of the previous financial year.
Further, the retailer reported a total net income of Rs. 4,696.07 crores for the third quarter over Rs. 4,429.35 crores in the corresponding period of last fiscal.
In the statement issued, the company mentioned that these financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on February 6 in Mumbai, Maharashtra.
Future Retail, which runs around 360 stores across the country, has emphasised that the quarterly result should not be compared with the same period of 2016 due to the mergers and acquisitions happened during that time.
The company also feels that the implementation of GST (Goods and Services Tax) has also impacted the third quarter’s result which was not in place in fiscal 2016. Notably, excise duty and other input taxes got replaced due to the new tax regime which may have impacted the result.
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