Pantaloon Retail reported 25%, 29% and 51% yoy growth in revenues, operating profit and adjusted net profit, respectively, in Q2F2010. PRIL
continues to report parent only numbers with no disclosures on subsidiary performance. Lack of transparency for consolidated results remains our key concern.
Although the revenue growth reported by the company in the value and lifestyle segments is 14% and 25%, respectively, overall revenue growth reported by the company is 25%. We believe that a combination of institutional sales and some other smaller format sales
could make up for this difference. Same Store Sales growth in value and Lifestyle formats was maintained at Q1 levels of around 7% and 11%, respectively.
Inventory has risen by Rs784 bn, this number translates to 20% of sales increase during the quarter. The increase in inventory is despite the management focus on reducing inventories.