Pantaloon Retail, India’s largest retailer, has posted a 79% fall in fourth-quarter profits despite booking a rise in sales.
Net income for the quarter ended 30 June was INR211.6m (US$3.8m), compared to INR987.8m the same period last year. The company was hit with a 73.9% increase in finance costs in the quarter to INR323.68m.
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However, core retail EBITDA increased 5.4% to INR2.79bn. Sales were up 7.1% to INR36.16bn, while core retail net sales climbed 3.6% to INR29.63bn.
For the full year, net profit slumped 55.4% to INR635.1m, while sales and operating income jumped 9% to INR130.31bn.
In May, the company revealed intentions to demerge its Pantaloon retail chain business and partner with Aditya Birla Nuvo.
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Earlier this year, Pantaloon Retail’s parent company Future Group reportedly halted talks to sell a 49% stake in its sourcing and manufacturing operations to Japanese retailer Lawson.
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