Reliance Industries may renegotiate Future group valuation: Bankers

FRL sales to drop by 71% in FY21 owing to pandemic impact; sales in FY22 to remain about 30% lower than in FY20, according to Fitch

With the Future group of companies witnessing a steep fall in sales and profits, investment bankers are saying their valuation has taken a severe beating over the past one year.

With the Covid-19 crisis expected to affect sales for the next three quarters, bankers said Reliance Industries Ltd (RIL) may re-negotiate the Rs 25,000 crore valuation of the Future group assets.

For the three months ended December 2020, all Future group companies reported a combined revenue of Rs 3,228 crore and a loss of Rs 1,450 crore.

This was as compared to pre-Covid sales of Rs 9,652 crore and a