New Delhi: Inline with market expectations, India’s largest listed retailer Pantaloons Retail India Ltd registered a consolidated net profit increase of 51.07% for the quarter-ending December 31, 2009 to touch Rs 50.67 crore as compared to Rs33.54 crore in the corresponding quarter last financial year.
The revenue for the third quarter increased by 25.37% to touch Rs 1912.84 crore as compared to Rs1525.68 crore in the corresponding quarter of the last year.
During the quarter the company had received shareholder approval for transferring its Value Retail Business through slump sale to its wholly owned subsidiary, ”Future Value Retail Limited” (FVRL) with effect from January 01, 2010.
“The performance of the company has been inline with our expectations. There is also a 33 basis points improvement in operating margins quarter-on-quarter which shows that the company has maintained its costs and its cost cutting measures are showing results,” says Viraj Nadkarni, analyst with Angel Broking Ltd.
The company’s stock on the Benchmark Sensex closed at Rs409.05, 1.85% lower than its previous close on Friday at Rs416.75