Future Retail Ltd

About [ edit ]

Future Retail Limited (FRL), the flagship company of the Future Group (one of India’s largest retailers), is engaged mainly in retailing of fashion, household and consumer products Kishore Biyani is the founder and Group CEO of Future Group. #

Key Points [ edit ]
  • Market Cap 3,641 Cr.
  • Current Price 67.2
  • High / Low 168 / 40.6
  • Stock P/E
  • Book Value 57.6
  • Dividend Yield 0.00 %
  • ROCE 11.8 %
  • ROE 3.43 %
  • Face Value 2.00

Pros

  • Stock is trading at 1.17 times its book value

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -7.43%
  • Promoter holding is low: 20.57%
  • Contingent liabilities of Rs.2416.75 Cr.
  • Promoters have pledged 52.01% of their holding.

Peer comparison

Sector: Retail Industry: Trading

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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
4,575 4,539 4,929 5,301 5,397 5,149 5,394 5,130 4,445 1,355 1,417 1,486
4,373 4,318 4,681 5,023 5,106 4,517 4,719 4,433 4,465 1,498 1,432 1,604
Operating Profit 201 221 248 278 291 633 675 696 -20 -143 -15 -117
OPM % 4% 5% 5% 5% 5% 12% 13% 14% -0% -11% -1% -8%
Other Income -601 3 6 5 6 9 21 15 39 92 47 27
Interest 46 51 55 56 61 239 263 269 222 271 355 397
Depreciation 18 20 23 25 32 240 261 271 269 231 363 354
Profit before tax -464 153 175 201 203 162 171 171 -471 -553 -686 -841
Tax % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Net Profit -464 153 175 201 203 162 171 171 -471 -553 -686 -841
EPS in Rs -9.24 3.05 3.48 4.01 4.04 3.23 3.41 3.40 -8.92 -10.20 -12.64 -15.51

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,578 2,343 1,779 6,845 17,980 20,106 20,165 20,118 8,704
2,065 2,931 2,148 6,762 17,399 19,272 19,119 18,041 8,998
Operating Profit -487 -588 -368 83 581 834 1,045 2,077 -294
OPM % -31% -25% -21% 1% 3% 4% 5% 10% -3%
Other Income 3 405 54 18 24 -594 12 -9 206
Interest 18 71 20 50 204 175 224 993 1,244
Depreciation 37 61 44 37 33 53 101 1,041 1,217
Profit before tax -538 -315 -379 15 368 11 733 34 -2,550
Tax % 0% 0% 0% 0% 0% 0% 0% 0%
Net Profit -538 -315 -379 15 368 11 733 34 -2,550
EPS in Rs -10.10 -2.25 -2.71 0.09 7.81 0.23 14.58 0.64 -47.27
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:%
5 Years:62%
3 Years:4%
TTM:-59%
Compounded Profit Growth
10 Years:%
5 Years:19%
3 Years:-30%
TTM:-460%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:-51%
1 Year:-45%
Return on Equity
10 Years:%
5 Years:14%
3 Years:15%
Last Year:3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
533 1,399 1,399 9 94 100 101 105 108
Reserves -1,522 -1,441 -1,820 1,865 2,453 2,996 3,751 3,427 3,017
Borrowings 627 183 390 1,122 1,079 1,286 2,657 8,889 11,632
858 377 490 2,589 3,311 3,812 4,019 8,857 5,429
Total Liabilities 496 517 458 5,585 6,938 8,194 10,528 21,279 20,187
184 143 135 261 554 1,019 1,441 3,372 6,555
CWIP 39 47 43 0 12 34 190 4,096 509
Investments 0 0 0 0 0 0 104 114 114
273 327 280 5,325 6,372 7,142 8,793 13,697 13,009
Total Assets 496 517 458 5,585 6,938 8,194 10,528 21,279 20,187

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-136 -704 -284 262 197 632 -302 -1,837
-81 -61 -50 -170 -70 -455 -774 -4,420
236 750 320 -11 -88 -130 1,106 6,139
Net Cash Flow 19 -15 -14 81 39 47 30 -118

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % -626% 4% 17% 20% 18% 12%
Debtor Days 0 0 0 6 5 4 6 12
Inventory Turnover 12.00 7.33 2.95 3.72 3.44 3.18 2.96

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
46.52 46.51 46.51 47.02 47.02 47.02 47.02 40.31 41.73 33.86 28.00 20.56
17.60 16.56 14.90 13.43 13.66 12.90 12.60 12.00 10.98 4.39 2.91 2.60
12.10 13.34 15.45 15.66 15.58 15.20 14.15 12.91 11.09 6.46 6.06 6.08
23.79 23.60 23.15 23.89 23.74 24.88 26.24 34.78 36.20 55.29 63.03 70.76

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