The Future Supply Chain IPO is likely by November end or early December according to merchant bankers, said Rakesh Biyani, Joint MD, Future Retail.
All Future Group stocks have had a stellar year with all counters showing gains of over 200%. The Future Retail stock has had a fabulous 2017 with an over 300 percent gain so far.
Future Retail reported an over two-fold jump in its standalone net profit at Rs 147.85 crore for the quarter ended June 30 on account of higher income.
Rakesh Biyani, Joint MD, Future Retail said the exceptional sales numbers are due to the work we have been doing over the last few years where we have been trying to reposition Big Bazaar as a business and we are lot more focused on what the consumer is seeking to buy, aspirations of consumers in future. Also the push on FBB has worked well.
There is a huge demand in India and we need to focus on what the market wants and anticipate consumer demand, he said.
He is also upbeat on the festive season being good for the business, Onam was good, he said, adding that the like to like growth is on an uptick, so will be better than the earlier quarters. All efforts are to deliver consistent number in terms of same store sales, he added. The standard rate has been between 16-18 percent.
The Future Supply Chain IPO is likely by November end or early December according to merchant bankers, said Biyani.
Talking about home retail business, he said we have got the approval from shareholders to hive it off into a separate business and that process is currently on and post that it will get listed independently.
He did not comment on the speculations regarding a possible merger with HyperCity Retail, which is a part of the K Raheja Corporation but said all options were open.For full interview, watch video