5365072022-04-012022-06-305365072022-04-012022-06-30in-bse-fin:OtherExpenses1Member5365072022-04-012022-06-30ItemsThatWillNotBeReclassifiedToProfitAndLoss1iso4217:INRiso4217:INRxbrli:shares536507FLFLINE452O01016Future Lifestyle Fashions Ltd Equity2022-04-012023-03-312022-08-272022-08-21INRCroresFirst quarterSingle segmentFashion2022-08-2710:30:002022-08-2712:40:00Not applicable2022-04-012022-06-30UnauditedStandalone266237000020808000028704500000271880000144284000030937000061311000010006700006565800004294450000-14240000000-14240000000000-14240000000000-14240000001490000-1422510000004035400002-7.057-7.05700-7.057-7.057Notes :- <BR> 1 The above Financial Results were reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on August 27, 2022 . A Limited Review of the above results has been carried out by the Statutory Auditors. <BR> 2 Under the One Time Restructuring (OTR) Plan with the lenders , the Company has debt servicing obligations aggregating to ` 422.11 Crores within the next twelve months, comprising of repayment of the principal amount of Long-Term debts amounting to ` 277.04 Crores and short-term borrowings of ` 145.07 Crores. The Company has incurred loss before tax during the quarter ended June 30, 2022 amounting to ` 142.40 Crores primarily owing to lower sales volumes, finance costs and depreciation. The Company’s current liabilities exceeded its current assets (including asset held for sale) by ` 1180.66 Crores as at March 31, 2022. Also, the Company has defaulted on repayment of principal amount on loans from banks as on June 30, 2022 amounting to ` 335.08 Crores . The Lead bank and State Bank of India have classified the accounts of the Company in the system as Non- Performing Assets (NPAs) on May 31, 2022, followed by other banks during the month of June 2022. Since classification as NPA, the Company has already repaid the principal amount of debt amounting to ` 76.67 Crores and has also been regular in servicing of interest on all facilities till date. <BR> To address the liquidity crunch and to maintain the sufficient working capital, the Company has adopted several measures including cost optimisation. The Company would be taking necessary steps to further restructure its debts under the proposed resolution plan. Further, the Company has initiated the process for the monetisation of some of the assets, to repay the debts and to manage the working capital requirements as part of the same plan. <BR> The success of the above measures adopted by the Company is dependent on the effective implementation of its operating plans and timely identification of the prospective buyers for monetisation of its assets which is dependent of many internal / external factors. The management is confident that they will be able to arrange sufficient liquidity by way of monetisation of its assets, increase in operations and other strategic initiatives. Accordingly, the financial results are prepared on a going concern basis. <BR> 3 The Board of Directors of the Company at its meeting held on September 20, 2021 has, inter-alia, approved the Composite Scheme of Arrangement between Future Trendz Limited (“Transferor Company 1”/ “FTL”), Future Specialty Retail Limited (“Transferor Company 2”/ “FSRL”) and Future Lifestyle Fashions Limited (“Transferee Company” /“FLFL”) and their respective shareholders (“The Composite Scheme of Arrangement”/ Scheme”), pursuant to Sections 230 to 232 and other relevant provisions of the Companies Act, 2013. The Company has submitted draft Scheme with BSE Limited and National Stock Exchange of India Limited for obtaining Observation letter on the draft Scheme. The Company is awaiting Observation letter from Stock Exchanges, to further proceed with the filing of the Scheme with National Company Law Tribunal. <BR> 4 The Code for Social Security 2020 (the ‘Code’) as promulgated by the Government of India, which was received assent from the President in September 2020, would replace various existing key labour laws. However, there is no notification for effective date of the Code becoming operative. The Company will assess the various applicable provisions of the Code and ensure compliance of the same as and when the Code becomes effective and the rules thereon are notified. <BR> 5 "The Secured Listed Non-Convertible Debentures (NCDs) issued by the Company are secured by the way of First Pari-Passu charge on entire Fixed Assets of the Company. The security cover in respect of the NCDs as on June 30, 2022 is 2.16 times of the principal and interest thereon of the said NCDs. Fixed Assets include Asset held for sale while computing ratio." <BR> 6 "Figures for the corresponding previous period / year have been regrouped / reclassified wherever necessary. Figures for the quarter ended March 31, 2022 are the balancing figures between audited figures in respect of the full financial years ended on those dates and the published reviewed year-to-date figures upto the third quarter of the respective financial year." <BR> 7 The Company has only one business segment i.e. "Fashion". There are no separate reportable segment as per IND AS 108 - Operating Segments. <BR> <BR> Due to size restrictions, please refer disclosure notes on financial results in PDF file available at https://archives.nseindia.com/corporate/FLFL_27082022124742_20220827_BMresultsoutcome_BSE_NSE.pdfOther Expenses656580000Acturial gain/loss on defined benefit obligation1490000149000000