Future Retail net loss has widened by around 26 per cent in the third quarter of FY22 to ₹1,063.36 crore, compared with a loss of ₹846.92 crore in the same time last year.
Total expenses of FRL, which is owned by Kishore Biyani, stood at ₹3,890.02 crore, a 62.66 per cent jump as against ₹2,391.43 crore.
Its total revenue from operation stood at ₹2,815.68 crore compared to ₹1,500.67 crore, hence recording a jump of around 85 per cent.
The retail chain which operates retail stores such as BigBazaar, fbb, Foodhall, Easyday, and Nilgiris said that FRL had last year entered into a one-time restructuring (OTR) scheme for COVID-19-hit companies with a consortium of banks and lenders as per the RBI circular dated August 6, 2020, and was to discharge an aggregate amount of Rs 3,494.56 crore by December 31, 2021.
However, due to its ongoing litigation with Amazon has stalled its asset monetization plans.
“The company, at present, is in discussion with lenders for a continuation of operations after the occurrence of the event of default and trying to find an amicable resolution to present financial status of the company,” it said.