Future Retail Ltd

About

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. [1]

Key Points

Brand Reputation
Big Bazaar is their flagship chain. FRL’s small store neighborhood retail chains like EasyDay Club and Heritage Fresh operate closer to the home of customers and offer member-customers a range of services. [1]
Big Bazaar and fbb continue to be the most recalled retail brands and have maintained their lead for the last decade or so. [2]

See full details
  • Market Cap 2,579 Cr.
  • Current Price 47.6
  • High / Low 95.3 / 40.6
  • Stock P/E
  • Book Value 22.1
  • Dividend Yield 0.00 %
  • ROCE -13.7 %
  • ROE -134 %
  • Face Value 2.00

Pros

Cons

  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -0.71%
  • The company has delivered a poor sales growth of -1.77% over past five years.
  • Promoter holding is low: 19.86%
  • Company has a low return on equity of -24.12% for last 3 years.
  • Contingent liabilities of Rs.1595.40 Cr.
  • Promoters have pledged 50.40% of their holding.

Peer comparison

Sector: Retail Industry: Trading

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
4,929 5,301 5,397 5,149 5,394 5,130 4,445 1,355 1,417 1,486 2,002 1,406
4,681 5,023 5,106 4,517 4,719 4,433 4,465 1,498 1,432 1,604 2,293 1,801
Operating Profit 248 278 291 633 675 696 -20 -143 -15 -117 -291 -395
OPM % 5% 5% 5% 12% 13% 14% -0% -11% -1% -8% -15% -28%
Other Income 6 5 6 9 21 15 39 92 47 27 10 1
Interest 55 56 61 239 263 269 222 271 355 397 420 350
Depreciation 23 25 32 240 261 271 269 231 363 354 380 404
Profit before tax 175 201 203 162 171 171 -471 -553 -686 -841 -1,080 -1,147
Tax % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% -2% 0%
Net Profit 175 201 203 162 171 171 -471 -553 -686 -841 -1,100 -1,147
EPS in Rs 3.48 4.01 4.04 3.23 3.41 3.40 -8.92 -10.20 -12.64 -15.51 -20.29 -21.16

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 Mar 2021 TTM
1,578 2,343 1,779 6,845 17,980 20,106 20,165 20,118 6,261 6,312
2,065 2,931 2,148 6,762 17,399 19,272 19,119 18,041 6,814 7,130
Operating Profit -487 -588 -368 83 581 834 1,045 2,077 -553 -818
OPM % -31% -25% -21% 1% 3% 4% 5% 10% -9% -13%
Other Income 4 405 54 18 24 -594 12 -9 164 85
Interest 18 71 20 50 204 175 224 993 1,442 1,521
Depreciation 37 61 44 37 33 53 101 1,041 1,328 1,501
Profit before tax -538 -315 -379 15 368 11 733 34 -3,160 -3,754
Tax % 0% 0% 0% 0% 0% 0% 0% 0% -1%
Net Profit -538 -315 -379 15 368 11 733 34 -3,180 -3,774
EPS in Rs -10.10 -2.25 -2.71 0.09 7.81 0.23 14.58 0.64 -58.64 -69.60
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:%
5 Years:-2%
3 Years:-32%
TTM:-61%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-454%
Stock Price CAGR
10 Years:%
5 Years:-20%
3 Years:-53%
1 Year:-45%
Return on Equity
10 Years:%
5 Years:-9%
3 Years:-24%
Last Year:-134%

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 Mar 2021
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 1,091
Borrowings 627 183 390 1,122 1,079 1,286 2,657 8,889 11,196
858 377 490 2,589 3,311 3,812 4,019 8,857 6,491
Total Liabilities 496 517 458 5,585 6,938 8,194 10,528 21,279 18,885
184 143 135 261 554 1,019 1,441 3,372 6,842
CWIP 39 47 43 0 12 34 190 4,096 74
Investments 0 0 0 0 0 0 104 114 114
273 327 280 5,325 6,372 7,142 8,793 13,697 11,855
Total Assets 496 517 458 5,585 6,938 8,194 10,528 21,279 18,885

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 Mar 2021
-136 -704 -284 262 197 632 -302 -1,837 -155
-81 -61 -50 -170 -70 -455 -774 -4,420 -66
236 750 320 -11 -88 -130 1,106 6,139 166
Net Cash Flow 19 -15 -14 81 39 47 30 -118 -55

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Dec 2012 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 0 0 0 6 5 4 6 12 24
Inventory Days 37 37 50 238 106 117 125 128 292
Days Payable 161 26 39 159 79 91 89 134 300
Cash Conversion Cycle -123 11 12 85 32 31 42 6 15
Working Capital Days -124 5 1 133 56 52 73 94 257
ROCE % -626% 4% 17% 20% 18% 12% -14%

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
46.51 46.51 47.02 47.02 47.02 47.02 40.31 41.73 33.86 28.00 20.56 19.86
16.56 14.90 13.43 13.66 12.90 12.60 12.00 10.98 4.39 2.91 2.60 2.91
13.34 15.45 15.66 15.58 15.20 14.15 12.91 11.09 6.46 6.06 6.08 6.07
23.60 23.15 23.89 23.74 24.88 26.24 34.78 36.20 55.29 63.03 70.76 71.16

Documents