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 460 Cr.
  • Current Price 9.05
  • High / Low 22.2 / 7.61
  • Stock P/E
  • Book Value 77.5
  • Dividend Yield 0.00 %
  • ROCE 3.58 %
  • ROE -6.55 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.12 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 -13.46% over past five years.
  • Promoter holding is low: 20.61%
  • Company has a low return on equity of -1.42% for last 3 years.
  • Contingent liabilities of Rs.5913.86 Cr.
  • Promoters have pledged 98.67% of their holding.
  • Earnings include an other income of Rs.165.69 Cr.
  • Company has high debtors of 156.16 days.

Peer comparison

Sector: Retail Industry: Textiles - Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2012 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
3,256 1,345 1,602 1,469 1,567 1,415 1,700 1,468 783 179 238 459
3,051 1,043 1,238 1,102 1,157 1,030 1,255 1,047 696 167 217 418
Operating Profit 205 302 364 367 409 385 445 420 87 12 21 41
OPM % 6% 22% 23% 25% 26% 27% 26% 29% 11% 7% 9% 9%
Other Income 112 12 14 12 13 11 19 22 -42 137 22 49
Interest 178 150 144 149 155 168 172 173 206 200 200 210
Depreciation 127 196 201 207 212 243 262 256 272 272 164 174
Profit before tax 11 -31 33 23 55 -15 29 13 -434 -323 -321 -295
Tax % 95% 45% 50% -58% -20% 44% 26% 9% 9% 0% 0% 0%
Net Profit -12 -21 1 32 60 -11 17 16 -353 -294 -284 -273
EPS in Rs -0.34 -0.46 0.03 0.71 1.31 -0.23 0.37 0.34 -7.77 -6.46 -6.23 -5.99

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
5,841 7,669 9,787 12,226 20,186 13,897 11,057 8,915 4,488 5,256 6,173 5,366 1,660
5,540 7,158 8,961 11,193 17,944 12,925 9,933 7,810 3,494 4,081 4,709 4,029 1,499
Operating Profit 301 511 826 1,033 2,243 972 1,124 1,105 994 1,175 1,464 1,337 161
OPM % 5% 7% 8% 8% 11% 7% 10% 12% 22% 22% 24% 25% 10%
Other Income 89 104 140 171 509 305 259 40 249 193 102 10 166
Interest 253 427 507 615 1,647 726 679 507 522 578 598 719 816
Depreciation 118 207 278 308 632 452 542 573 654 725 816 1,034 882
Profit before tax 19 -18 180 281 473 99 162 65 66 65 154 -407 -1,372
Tax % 250% 54% 58% 50% 28% 4% 1% 32% 17% 39% -14% 9%
Net Profit 22 10 67 142 276 80 153 36 35 7 145 -331 -1,203
EPS in Rs 0.77 0.36 2.18 4.33 7.87 2.29 3.94 0.92 0.81 0.15 3.19 -7.28 -26.45
Dividend Payout % 44% 145% 37% 14% 9% 17% 16% 12% 27% 0% 0% 0%
Compounded Sales Growth
10 Years:-4%
5 Years:-13%
3 Years:6%
TTM:-73%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-1492%
Stock Price CAGR
10 Years:-8%
5 Years:-14%
3 Years:-38%
1 Year:-15%
Return on Equity
10 Years:1%
5 Years:-1%
3 Years:-1%
Last Year:-7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
121 108 111 182 121 121 132 158 118 114 114 99 99
Reserves 2,022 2,327 2,562 2,799 3,206 3,215 5,236 3,311 3,577 3,734 3,895 4,055 3,426
Borrowings 2,767 3,858 4,352 7,692 7,528 6,402 4,874 4,906 5,182 5,772 6,717 6,549 6,348
1,793 1,931 2,753 3,790 4,257 2,485 3,257 1,635 1,695 1,852 2,372 4,963 2,477
Total Liabilities 6,614 8,154 9,708 14,324 15,037 12,149 13,450 9,938 10,549 11,457 13,083 15,666 12,350
1,671 2,201 2,647 3,278 4,632 4,520 4,998 5,422 5,982 6,759 7,423 8,356 4,590
CWIP 384 430 304 345 553 394 277 422 456 585 597 630 567
Investments 726 898 910 1,370 1,391 1,452 1,622 1,128 1,135 865 957 1,136 1,132
3,833 4,626 5,847 9,332 8,461 5,783 6,553 2,966 2,976 3,247 4,105 5,544 6,062
Total Assets 6,614 8,154 9,708 14,324 15,037 12,149 13,450 9,938 10,549 11,457 13,083 15,666 12,350

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Jun 2008 Jun 2009 Jun 2010 Jun 2011 Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
105 -173 251 -1,453 3,419 2,234 1,272 981 975 1,114 1,125 2,458
-1,756 -953 -448 -1,333 -2,080 -364 -1,039 -1,308 -762 -1,189 -1,431 -1,775
1,781 963 281 3,021 -1,660 -1,902 -270 347 -197 94 345 -816
Net Cash Flow 130 -163 84 235 -321 -32 -37 20 16 19 39 -134

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 % 6% 6% 9% 9% 17% 8% 7% 6% 6% 6% 7% 4%
Debtor Days 18 15 15 16 10 12 18 21 49 54 53 156
Inventory Turnover 2.81 2.65 2.91 2.72 3.27 2.66 2.35 2.94 3.62 3.62 3.49 2.92

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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