Future Retail Ltd

₹ 2.28 -5.00%

01 Aug 2024

futureretail.co.in BSE: 540064 NSE: FRETAIL

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]

Website BSE NSE - BZ

Market Cap ₹ 124 Cr.
Current Price ₹ 2.28
High / Low ₹ 3.86 / 1.90
Stock P/E
Book Value ₹ -20.6
Dividend Yield 0.00 %
ROCE -13.3 %
ROE -116 %
Face Value ₹ 2.00

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Pros

Company is expected to give good quarter

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -1.77% over past five years.
Company has a low return on equity of -22.4% over last 3 years.
Contingent liabilities of Rs.1,595 Cr.
Working capital days have increased from 133 days to 236 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Retail Industry: Trading

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021
	5,301	5,397	5,149	5,394	5,130	4,445	1,355	1,417	1,486	2,002	1,406	2,347	2,786
	5,023	5,106	4,517	4,719	4,433	4,465	1,498	1,432	1,604	2,293	1,801	2,705	3,131
Operating Profit	278	291	633	675	696	-20	-143	-15	-117	-291	-395	-359	-345
OPM %	5%	5%	12%	13%	14%	-0%	-11%	-1%	-8%	-15%	-28%	-15%	-12%
	5	6	9	21	15	39	92	47	27	10	1	2	5
Interest	56	61	239	263	269	222	271	355	397	420	350	360	340
Depreciation	25	32	240	261	271	269	231	363	354	380	404	403	399
Profit before tax	201	203	162	171	171	-471	-553	-686	-841	-1,080	-1,147	-1,120	-1,078
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	0%	2%	0%	0%	0%
	201	203	162	171	171	-471	-553	-686	-841	-1,100	-1,147	-1,120	-1,078
EPS in Rs	4.01	4.04	3.23	3.41	3.40	-8.92	-10.20	-12.64	-15.51	-20.29	-21.16	-20.65	-19.88
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2012	Mar 2014 15m	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	TTM
	1,578	2,343	1,779	6,845	17,075	18,478	20,165	20,118	6,261	8,541
	2,065	2,931	2,148	6,762	16,494	17,644	19,119	18,041	6,814	9,931
Operating Profit	-487	-588	-368	83	581	834	1,045	2,077	-553	-1,390
OPM %	-31%	-25%	-21%	1%	3%	5%	5%	10%	-9%	-16%
	4	405	54	18	24	-594	12	-9	164	19
Interest	18	71	20	50	204	175	224	993	1,442	1,469
Depreciation	37	61	44	37	33	53	101	1,041	1,328	1,585
Profit before tax	-538	-315	-379	15	368	11	733	34	-3,160	-4,425
Tax %	0%	0%	0%	0%	0%	0%	0%	0%	1%
	-538	-315	-379	15	368	11	733	34	-3,180	-4,445
EPS in Rs	-10.10	-2.25	-2.71	0.09	7.81	0.23	14.58	0.64	-58.64	-81.98
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	-2%
3 Years:	-30%
TTM:	-2%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-74%

Stock Price CAGR
10 Years:	%
5 Years:	-63%
3 Years:	-64%
1 Year:	-24%

Return on Equity
10 Years:	%
5 Years:	-9%
3 Years:	-22%
Last Year:	-116%

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	Sep 2021
Equity Capital	533	1,399	1,399	9	94	100	101	105	108	108
Reserves	-1,522	-1,441	-1,687	1,865	2,459	2,996	3,751	4,173	1,091	-1,226
	627	183	390	1,122	1,079	1,286	2,657	8,889	11,196	13,811
	858	377	356	2,589	3,305	3,812	4,019	8,111	6,491	4,915
Total Liabilities	496	517	458	5,585	6,938	8,194	10,528	21,279	18,885	17,608
	184	143	135	261	554	1,019	1,441	3,372	6,842	6,033
CWIP	39	47	43	0	12	34	190	4,096	74	77
Investments	0	0	0	0	0	0	104	114	114	114
	273	327	280	5,325	6,372	7,142	8,793	13,697	11,855	11,383
Total Assets	496	517	458	5,585	6,938	8,194	10,528	21,279	18,885	17,608

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	5	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	125	59	56	71	92	236
ROCE %			-283%	4%	17%	20%	18%	11%	-13%

Shareholding Pattern

Numbers in percentages

	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022
	47.02%	47.02%	47.02%	40.31%	41.73%	33.86%	28.00%	20.56%	19.86%	19.86%	18.24%	14.31%
	13.66%	12.90%	12.60%	12.00%	10.98%	4.39%	2.91%	2.60%	2.91%	2.97%	2.85%	2.60%
	15.58%	15.20%	14.15%	12.91%	11.09%	6.46%	6.06%	6.08%	6.07%	6.07%	7.21%	6.61%
	23.74%	24.88%	26.24%	34.78%	36.20%	55.29%	63.03%	70.76%	71.16%	71.10%	71.70%	76.48%
No. of Shareholders	53,717	53,115	53,906	59,516	1,21,760	4,05,620	4,08,445	4,04,913	4,12,774	4,02,328	4,02,005	4,12,430

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
	49.54%	46.56%	47.02%	40.31%	20.56%	14.31%
	17.27%	17.24%	13.43%	12.00%	2.60%	2.60%
	4.73%	5.52%	15.66%	12.91%	6.08%	6.61%
	28.46%	30.68%	23.89%	34.78%	70.76%	76.48%
No. of Shareholders	42,711	52,808	55,979	59,516	4,04,913	4,12,430

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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