Future Retail Ltd, the flagship company of Kishore Biyani owned Future group, Friday said fiscal first quarter net profit slipped 90.8% on higher finance costs and higher expenses. Shares of the company fell.
Net profit fell to Rs 61 million in the three months ended June 30 compared to Rs 665 million in the same period a year ago, Future Retail said in a statement to the stock exchanges today.
Net sales of the company jumped 22.8% to Rs 28.46 billion while other income surged 10.14% to Rs 92.3 million in the Apr-Jun quarter.
The company's finance costs rose 6.2% to Rs 1.51 billion in the first quarter while total expenses climbed 22.2% to Rs 27.48 billion in the quarter.
At 1:55PM, Future Retail fell 2.7% to Rs 125 on the Mumbai stock exchange. The 30-share Sensex index fell 0.18% to 28,247.60.
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