Future Enterprises Ltd

About

Future Enterprises Ltd incorporated in 1987 develops, owns, and leases the retail infrastructure for the Future Retail Group. [1]
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. [2]

Key Points

Revenue
Its revenue distribution is Manufacturing and Trading 80% and Leasing and Other 20%[1]

See full details
  • Market Cap 424 Cr.
  • Current Price 8.35
  • High / Low 14.0 / 7.61
  • Stock P/E
  • Book Value 64.3
  • Dividend Yield 0.00 %
  • ROCE -4.79 %
  • ROE -33.9 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.13 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -30.73% over past five years.
  • Promoter holding is low: 20.61%
  • Company has a low return on equity of -11.57% for last 3 years.
  • Contingent liabilities of Rs.6239.13 Cr.
  • Promoters have pledged 98.67% of their holding.
  • Earnings include an other income of Rs.91.97 Cr.
  • Company has high debtors of 710.14 days.
  • Promoter holding has decreased over last 3 years: -29.59%

Peer comparison

Sector: Retail Industry: Textiles - Products

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,602 1,469 1,567 1,415 1,700 1,468 783 179 238 459 546 436
1,238 1,102 1,157 1,030 1,255 1,047 696 167 217 418 474 390
Operating Profit 364 367 409 385 445 420 87 12 21 41 72 46
OPM % 23% 25% 26% 27% 26% 29% 11% 7% 9% 9% 13% 11%
Other Income 14 12 13 11 19 22 -42 137 22 49 6 15
Interest 144 149 155 168 172 173 206 200 200 210 207 202
Depreciation 201 207 212 243 262 256 272 272 164 174 171 177
Profit before tax 33 23 55 -15 29 13 -434 -323 -321 -295 -300 -318
Tax % 50% -58% -20% 44% 26% 9% 9% -0% -0% -0% 6% -0%
Net Profit 1 32 60 -11 17 16 -353 -294 -284 -273 -272 -295
EPS in Rs 0.03 0.71 1.31 -0.23 0.37 0.34 -7.77 -6.46 -6.23 -5.99 -5.97 -6.49

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Jun 2009 Jun 2010 Jun 2011 Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
7,669 9,787 12,226 20,186 13,897 11,057 8,915 4,488 5,256 6,173 5,366 1,422 1,679
7,203 9,028 11,183 18,255 12,925 9,887 7,810 3,460 4,051 4,703 4,006 1,237 1,499
Operating Profit 466 759 1,043 1,931 972 1,170 1,105 1,027 1,205 1,470 1,360 186 179
OPM % 6% 8% 9% 10% 7% 11% 12% 23% 23% 24% 25% 13% 11%
Other Income 149 207 161 821 305 213 40 215 163 97 -14 174 92
Interest 427 507 615 1,647 726 679 507 522 578 598 719 817 819
Depreciation 207 278 308 632 452 542 573 654 725 816 1,034 781 686
Profit before tax -18 180 281 473 99 162 65 66 65 154 -407 -1,238 -1,233
Tax % 54% 58% 50% 28% 4% 1% 32% 17% 39% -14% 9% 1%
Net Profit 10 67 142 276 80 153 36 35 7 145 -331 -1,122 -1,123
EPS in Rs 0.36 2.18 4.33 7.87 2.29 3.94 0.92 0.81 0.15 3.19 -7.28 -24.66 -24.68
Dividend Payout % 145% 37% 14% 9% 17% 16% 12% 27% -0% -0% -0% -0%
Compounded Sales Growth
10 Years:-18%
5 Years:-31%
3 Years:-35%
TTM:-59%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-105%
Stock Price CAGR
10 Years:-7%
5 Years:-13%
3 Years:-38%
1 Year:-32%
Return on Equity
10 Years:-3%
5 Years:-7%
3 Years:-12%
Last Year:-34%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Jun 2009 Jun 2010 Jun 2011 Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
108 111 182 121 121 132 158 118 114 114 114 114
Reserves 2,327 2,562 2,799 3,206 3,215 5,236 3,311 3,577 3,734 3,895 4,040 2,812
Borrowings 3,858 4,352 7,692 7,528 6,402 4,874 4,906 5,182 5,772 6,717 6,863 7,169
1,931 2,753 3,790 4,257 2,485 3,257 1,635 1,695 1,852 2,372 4,664 1,776
Total Liabilities 8,154 9,708 14,324 15,037 12,149 13,450 9,938 10,549 11,457 13,083 15,666 11,856
2,201 2,647 3,278 4,632 4,520 4,998 5,422 5,982 6,759 7,423 8,356 4,750
CWIP 430 304 345 553 394 277 422 456 585 597 630 92
Investments 898 910 1,370 1,391 1,452 1,622 1,128 1,135 865 957 1,136 1,080
4,626 5,847 9,332 8,461 5,783 6,553 2,966 2,976 3,247 4,105 5,544 5,933
Total Assets 8,154 9,708 14,324 15,037 12,149 13,450 9,938 10,549 11,457 13,083 15,666 11,856

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Jun 2009 Jun 2010 Jun 2011 Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-173 251 -1,453 3,419 2,234 1,272 981 975 1,114 1,125 2,458 -3,006
-953 -448 -1,333 -2,080 -364 -1,039 -1,308 -762 -1,189 -1,431 -1,775 3,588
963 281 3,021 -1,660 -1,902 -270 347 -197 94 345 -816 -555
Net Cash Flow -163 84 235 -321 -32 -37 20 16 19 39 -134 27

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Jun 2009 Jun 2010 Jun 2011 Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 15 15 16 10 12 18 21 49 54 53 156 710
Inventory Days 156 136 164 125 115 168 50 102 112 113 122 399
Days Payable 36 37 94 67 46 97 46 74 77 88 132 411
Cash Conversion Cycle 135 114 86 68 81 90 24 77 89 78 146 698
Working Capital Days 144 131 91 55 80 114 56 131 117 105 32 931
ROCE % 6% 9% 9% 17% 8% 7% 6% 6% 6% 7% 4% -5%

Shareholding Pattern

Numbers in percentages

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

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