Pantaloon Retail, the retail subsidiary of Indian conglomerate Future Group, has booked a drop in third-quarter profits.
For the three months to the end of March, net profits plummeted 76% to INR12.03bn (US$220.8m). The retailer blamed the decline on high interest costs, low consumer sentiment and high raw material costs.
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EBITDA, however, climbed 12% year-on-year to INR278m in the three-month period and operating profit margin improved 40 basis points at 9.2% versus 8.8% last year.
Net sales increased amounted to INR30.26bn, an 8% increase on the prior-year period.
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