Future Enterprises Ltd

About [ edit ]

Future Enterprises Ltd incorporated in 1987 develops, owns, and leases the retail infrastructure for the Future Retail Group. #
It forms the backbone and links the retail arm with its infrastructure for Future Retail Limited which caters to the front end. It also holds the group’s investments in subsidiaries and joint ventures including insurance, textile manufacturing, supply chain and logistics. #

Key Points [ edit ]
  • Market Cap 600 Cr.
  • Current Price 11.9
  • High / Low 22.2 / 7.61
  • Stock P/E
  • Book Value 68.1
  • Dividend Yield 0.00 %
  • ROCE 3.32 %
  • ROE -7.22 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.17 times its book value

Cons

  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -16.48%
  • The company has delivered a poor sales growth of -17.12% over past five years.
  • Promoter holding is low: 20.61%
  • Company has a low return on equity of -3.27% for last 3 years.
  • Contingent liabilities of Rs.5829.55 Cr.
  • Promoters have pledged 98.67% of their holding.
  • Earnings include an other income of Rs.154.68 Cr.
  • Debtor days have increased from 73.66 to 137.23 days.

Peer comparison

Sector: Retail Industry: Textiles - Products

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
941 1,018 1,214 1,113 1,221 1,098 1,323 1,279 344 67 117 324
684 737 882 781 844 769 932 890 323 60 92 292
Operating Profit 257 281 332 332 377 329 391 389 21 7 25 32
OPM % 27% 28% 27% 30% 31% 30% 30% 30% 6% 11% 22% 10%
Other Income 12 6 9 7 5 6 8 6 22 115 13 5
Interest 142 147 141 142 148 151 156 158 171 175 175 185
Depreciation 180 184 190 196 199 204 219 232 205 226 121 132
Profit before tax -53 -44 10 2 35 -20 24 4 -334 -279 -258 -280
Tax % 12% 31% 27% 31% -31% 35% 32% 29% 12% 0% 0% 0%
Net Profit -47 -30 7 1 46 -13 16 3 -295 -279 -258 -280
EPS in Rs -1.03 -0.67 0.15 0.02 1.02 -0.28 0.36 0.07 -6.48 -6.14 -5.67 -6.15

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Jun 2008 Jun 2009 Jun 2010 Jun 2011 Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
5,049 6,342 5,934 4,101 6,988 11,577 10,342 8,358 3,784 4,338 4,566 4,043 852
4,587 5,670 5,355 3,677 6,257 10,482 9,226 7,313 2,831 3,273 3,233 2,893 766
Operating Profit 462 672 579 424 730 1,095 1,116 1,045 953 1,064 1,332 1,150 85
OPM % 9% 11% 10% 10% 10% 9% 11% 12% 25% 25% 29% 28% 10%
Other Income 30 9 97 11 330 3 127 25 231 184 23 27 155
Interest 212 324 301 174 460 693 669 497 508 568 583 642 705
Depreciation 83 140 162 146 312 404 513 547 633 698 769 861 685
Profit before tax 196 216 214 115 288 1 61 27 44 -19 2 -325 -1,151
Tax % 36% 35% 16% 34% 5% -121% -21% 21% 0% 35% -972% 11%
Net Profit 126 141 180 77 273 3 74 21 44 -12 24 -288 -1,112
EPS in Rs 4.42 4.96 5.81 2.35 7.80 0.08 1.91 0.55 1.00 -0.27 0.53 -6.34 -24.44
Dividend Payout % 8% 8% 9% 25% 9% 495% 34% 20% 22% 0% 0% 0%
Compounded Sales Growth
10 Years:-4%
5 Years:-17%
3 Years:2%
TTM:-83%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-2207%
Stock Price CAGR
10 Years:-7%
5 Years:-12%
3 Years:-32%
1 Year:-17%
Return on Equity
10 Years:-0%
5 Years:-2%
3 Years:-3%
Last Year:-7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Jun 2008 Jun 2009 Jun 2010 Jun 2011 Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
32 38 41 107 46 46 83 86 95 99 99 99 99
Reserves 1,752 2,211 2,527 2,671 3,276 3,205 5,092 3,377 3,714 3,812 3,860 3,532 2,998
Borrowings 2,192 2,825 1,386 2,028 3,507 6,268 4,823 4,825 5,096 5,731 6,441 5,920 5,724
769 1,076 1,148 1,592 1,773 1,932 2,619 1,349 1,329 1,261 1,670 4,203 1,709
Total Liabilities 4,744 6,151 5,103 6,335 8,603 11,451 12,616 9,637 10,233 10,903 12,070 13,753 10,530
1,198 1,569 1,122 1,467 2,283 4,340 4,832 5,279 5,848 6,439 7,001 7,492 3,821
CWIP 331 345 60 100 210 364 275 420 386 583 522 624 559
Investments 587 954 2,003 2,251 2,280 1,350 1,295 1,417 1,404 1,121 1,152 1,278 1,242
2,629 3,283 1,918 2,517 3,830 5,398 6,215 2,520 2,594 2,760 3,394 4,359 4,908
Total Assets 4,744 6,151 5,103 6,335 8,603 11,451 12,616 9,637 10,233 10,903 12,070 13,753 10,530

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Jun 2008 Jun 2009 Jun 2010 Jun 2011 Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-19 206 1,148 142 -5 -72 966 979 782 862 1,089 2,826
-1,411 -845 19 -780 -1,036 -1,752 -793 -1,307 -664 -1,034 -1,271 -1,540
1,388 627 -1,176 662 997 1,889 -226 341 -140 157 178 -1,297
Net Cash Flow -42 -12 -9 24 -45 65 -53 13 -22 -15 -5 -12

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Jun 2008 Jun 2009 Jun 2010 Jun 2011 Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 13% 12% 10% 7% 9% 9% 7% 6% 5% 5% 6% 3%
Debtor Days 8 10 8 16 9 10 14 11 35 41 43 137
Inventory Turnover 3.10 2.82 2.71 1.79 2.34 3.30 2.29 2.79 3.09 3.00 2.61 2.22

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
50.20 50.20 50.20 50.20 50.20 50.20 50.12 50.72 50.11 43.29 37.09 20.61
1.48 1.49 1.51 1.40 1.46 1.52 1.49 1.51 1.17 0.49 0.19 0.19
2.93 2.89 2.83 2.87 2.96 3.05 3.02 3.02 2.66 6.45 5.96 5.95
45.40 45.42 45.46 45.53 45.39 45.23 45.37 44.75 46.07 49.76 56.76 73.25

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