Kishor Biyani, Chairman of debt-ridden Future Retail Ltd, saw his remuneration fall almost 44 percent to Rs 2.17 crore in the last financial year. Coronavirus pandemic hit business activities in 2020-21.
According to Future Retail Ltd’s (FRL) annual report for 2020-21, Biyani’s remuneration for 2019-20 was Rs 3.86 crore. Similarly, FRL’s Managing Director Rakesh Biyani’s remuneration declined by 4.82 percent to Rs 3.75 crore in the fiscal year ended March 31, 2021. In the year-ago period, he was paid Rs 3.94 crore.
In the last financial year, the company’s Non-Executive Independent Directors decided not to take any commission. ‘For the year under review, there was no change in the sitting fees for attending meetings of the Board and/or Committee thereof to the Non-Executive / Independent Director of the company,’ the annual report said.
In FY 2020-21, the number of permanent employees at the company decreased by 30.1%. On March 31, 2021, FRL employed 21,839 permanent staff, compared to 31,221 permanent staff a year ago. In FY21, the Median Remuneration of the Employees (MRE) was Rs 1,89,986, compared to Rs 1,71,612 in FY20. ‘The increase in MRE in the financial year 2020-21, as compared to the financial year 2019-20 was 10.71 percent,’ the company said.
In the last financial year, FRL’s revenue from operations declined by 69 percent to Rs 6,303.94 crore. According to FRL, the current fiscal year appears challenging due to the second wave of the pandemic, which has affected almost every aspect of human life. As a result of the pandemic, incomes have been affected, resulting in deferral of discretionary consumption, the annual report stated. ‘This pandemic has led to huge uncertainties, including in the consumption space,’ it added.
Future Retail operates retail chains like Big Bazaar, HyperCity, EasyDay Club and Heritage Fresh.