Future Lifestyle Fashions Ltd. (FLFL) reported its combined net loss for the April-June quarter of FY ’23 reduced to Rs. 135.96 crore.
The operating revenue decreased by 8.42 per cent to Rs. 272.88 crore during the reviewed period from Rs. 297.99 crore during the same time last year.
“The company has incurred a loss before tax during the quarter ended 30 June 2022, amounts to Rs. 142.40 crore principally owing to decreasing sales volumes, borrowing expenses and depreciation,” according to FLFL’s results statement.
According to the company, it has debt servicing obligations totalling Rs. 422.11 crore within the next 12 months under the One Time Restructuring (OTR) plan with the lenders, which include repayment of the principal amount of long-term debts of Rs. 277.04 crore and short-term borrowings of Rs. 145.07 crore.
As a part of the Rs. 24,713-crore agreement announced in August 2020, FLFL was one of the 19 group firms active in the retail, wholesale, logistics and warehousing industries that were slated to be transferred to Reliance Retail.
FLFL has in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets housing apparel labels including Lee Cooper, Champion, Giovani, John Miller, Converse and Urbana, amongst others.
