Future Retail Q1 net rises 3.56%; Mittal resigns from board
Kishore Biyani-led Future Retail today posted a 3.56 percent rise in net profit at Rs 153.12 crore for the quarter ended June 30, 2018, against a net profit of Rs 147.85 crore in the same period a year ago.
Future Retail also announced the resignation of Rajan Bharti Mittal as a non-executive director of the company "due to preoccupations".
Mittal came on board of Future Retail after the merger of Bharti group's retail business under the EasyDay chain with Future Group in an all-stock deal.
Bharti group entity Cedar Support Services disposed of 3.03 crore shares, amounting to 6.04 percent stake in Future Retail.
The company said revenue from operations, part of total income, for the quarter ended June 30, 2017, was reported inclusive of excise duty. Goods and Service Tax (GST) was implemented with effect from July 1, 2017, which replaced excise duty and other input taxes.
"Revenue from operations for the quarter ended June 30, 2018, is reported net of GST. Therefore, revenue from operations for the current periods are not comparable with the corresponding earlier periods," it added.
Future Retail also announced the appointment of Rahul Garg as additional (non-executive) director on the board of the company.
Future Retail shares settled 1.06 percent lower at Rs 515.05 apiece on BSE.
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