New Delhi, Future Group's Pantaloon Retail (India) Ltd reported a 15.2 per cent increase in net profit for the quarter ended March 31 at Rs 18.71 crore as against Rs 16.24 crore in the corresponding quarter of previous fiscal.
The firm's net sales jumped 89 per cent to Rs 8.61 billion, while earning per share (EPS) increased to Rs 1.33 per share from Rs 1.32 per share in the year-ago period, the company said in a statement.
Revenues from value retail in the quarter increased to Rs 558.46 crore from Rs 297.86 crore a year ago while the lifestyle retailing earned the company Rs 283.32 crore as compared to Rs 152.8 crore in the corresponding period last year, Pantaloon said in a release.
The capital employed for the value retailing segment during the quarter increased to Rs 1,013.26 crore while for the lifestyle retailing it rose to Rs 584.14 crore.
The company board approved setting up a subsidiary company to deal in FMCG products with a brand to be created around the brand values of cricket star Sachin Tendulkar. It also approved an initial investment of up to Rs 5 crore in the venture.
Through the FMCG subsidiary, Pantaloon Retail would create a niche by incorporating core brand values with Sachin Tendulkar as its brand ambassador.
The board also approved setting up two wholly-owned subsidiaries for sourcing and vendor management of various products for web and e-commerce, and for sourcing, selling mobile communication and accessories on wholesale and cash and carry basis with investment of up to Rs 5 crore in each subsidiary.