Pantaloon Retail Q1 net profit down 36% to Rs 15.05 cr

Pantaloon Retail India Ltd (PRIL) today posted 36.33% decline in its consolidated net profit for the first quarter ended September 30, 2011 to Rs 15.05 crore, compared to the same period last fiscal on account of higher expenses, including on raw materials.

The company's consolidated net profit for the three months ended September 30, 2010 was at Rs 23.64 crore, PRIL said in a filing to the BSE.

PRIL's consolidated net sales for the first quarter of the current financial year increased 15.61 per cent to Rs 3,180.26 crore, as against Rs 2,750.76 crore in the corresponding perod last fiscal.

During the period under review, raw material cost increased to Rs 21.28 crore, up from Rs 10.95 crore in the period last fiscal, it said.

The company also incurred "other expenditure" of Rs 591.41 crore during the quarter, which was Rs 497.42 crore in the same quarter last fiscal, PRIL added.

In a separate filing to the BSE, PRIL said its board of directors has approved re-designation of Rakesh Biyani as Joint Managing Director of the company with immediate effect.