Future Retail Ltd today reported 75.52 per cent decline in net profit at Rs 5.32 crore for the third quarter ended December 31.
The company had posted net profit of Rs 21.74 crore in the October-December period of the 2013-14 fiscal.
During the third quarter of the 2014-15 fiscal, Future Retail’s net sales stood at Rs 2,616.03 crore, up 14.92 per cent as against net sales of Rs 2,276.3 crore in the year-ago period, the company said in a BSE filing.
In a separate filing, Future Retail’s Board approved divestment of part of its investments in its subsidiary, Future Supply Chain Solutions Ltd, and authorised committee to consider various options for a value up to Rs 700 crore, such as Offer for Sale (OFS) as part of Initial Public Offering (IPO), sale to private equity/strategic investor.
Shares of Future Retail closed at Rs 53 apiece, down 0.38 per cent, on the BSE.