Future Lifestyle Fashions Ltd (FLFL) on Saturday said its consolidated net loss narrowed to Rs 135.96 crore in the April-June quarter of FY23. The company had posted a net loss of Rs 348.08 crore in the corresponding quarter a year ago, said FLFL, the fashion and apparel retailer arm of the Future group, in a BSE filing.Its revenue from operations was down 8.42 per cent to Rs 272.88 crore during the period under review as against Rs 297.99 crore in the corresponding period last fiscal, the company said. FLFL's total expenses stood at Rs 436.56 crore, down 33.45 per cent in Q1/FY23 against Rs 656.07 crore a year ago.
"The company has incurred loss before tax during the quarter ended June 30, 2022 amounting to Rs 142.40 crore primarily owing to lower sales volumes, finance costs and depreciation," said FLFL in its earnings statement. FLFL has in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets (nearly a dozen apparel labels, including Lee Copper, Champion, aLL, Indigo Nation, Giovani, John Miller, Scullers, Converse and Urbana) in its portfolio.According to the company, under the One Time Restructuring (OTR) plan with the lenders, it has debt servicing obligations aggregating to Rs 422.11 crore within the next 12 months, which comprises repayment of the principal amount of long-term debts of Rs 277.04 crore and short-term borrowings of Rs 145.07 crore. FLFL further said its "current liabilities exceeded its current assets (including asset held for sale) by Rs 1,180.66 crore as on March 31, 2022.