INDIA: Pantaloon Q2 profits up on sales gains
Indian retail group Pantaloon Retail has posted a 6% increase in quarterly net profit, propelled by soaring sales across its stores.
Pantaloon, which operates various retail formats including Big Bazaar and Food Bazaar, said profits increased by 5.97% to INR335.4m in the second quarter ended 31 December, up from INR316.5m for the comparable period of last year.
Net sales for the quarter jumped 24.36%, climbing to INR15.26bn.
The company reported earnings per share of INR1.91 during the period, a decline of 9.05% over the previous year's second quarter.
During the quarter, Pantaloon's operating margins increased by 138 basis points year-on-year to 10.31%, the company said.
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