Pantaloon Retail, the Indian retailing group, has enjoyed an 11% jump in annual profits despite the country’s buoyant economic growth slowing amid the economic downturn.
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The company, which operates retail chains including Big Bazaar and Food Bazaar, yesterday booked net profit of INR1.26bn (US$262.1m) for the year to the end of June – an increase of 11.6% on the year. Turnover climbed 25.6% to INR63.48bn.
Pantaloon’s robust growth came despite a slowing Indian economy, which grew at 6.7% in 2008/09 compared to three straight years at 9%.
