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Business News/ Market / Stock-market-news/  Pantaloons stock down 10.90% on Aditya Birla Group earnings
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Pantaloons stock down 10.90% on Aditya Birla Group earnings

Shares fell after Aditya Birla Group company posted an increase in net loss to Rs78.09 crore in the June quarter

Net sales increased by 13.46% in the first quarter of the financial year 2014-15 to Rs381.3 crore from Rs336.04 crore a year-ago. Photo: BloombergPremium
Net sales increased by 13.46% in the first quarter of the financial year 2014-15 to Rs381.3 crore from Rs336.04 crore a year-ago. Photo: Bloomberg

Mumbai: Pantaloons Fashion and Retail Ltd’s stock fell by 10.90% to 115 at 12.39pm, after the Aditya Birla Group company posted an increase in its net loss to 78.09 crore in the quarter-ended 30 June.

A year-ago when it was under the management of Kishore Biyani’s Future Group, net loss stood at 57.82 crore.

Net sales increased by 13.46% in the first quarter of the financial year 2014-15 to 381.3 crore from 336.04 crore a year-ago.

In May 2012, Biyani sold the Pantaloon department chain to the $40 billion Aditya Birla Group in an attempt to reduce debt. The management change to the Aditya Birla Group took place in June last year.

Having completed one year of operations under the new management, analysts were expecting the company to post a better set of numbers and were disappointed, said Neha Bahati, retail analyst, Ratnabali Capital Market.

Meanwhile, Shoppers Stop Ltd, which announced its results on Thursday, reported a drop of 54% in its stand-alone net profit from a year ago because of change in the depreciation method and increasing costs. Revenues for the K. Raheja Corp. group company, which operates large-format department stores and speciality stores such as Crossword, Mothercare, M.A.C., and hypermarkets under the HyperCity brand, increased 13.6% to 675.5 crore from 594.8 crore a year ago.

“When compared to Shoppers Stop, Pantaloon has fared worse," Bahati said, explaining that both Shoppers Stop and Pantaloons had a change in the depreciation method but Shoppers Stop’s numbers are better.

The BSE’s benchmark Sensex was down by 0.22% at 25,840.93 points at 12.49pm.

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Published: 01 Aug 2014, 01:37 PM IST
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