While, Q3 sales of Pantaloon Retail (India), the Kishore Biyani owned, biggest listed retailing company of India, jumped 60 per cent from Rs. 472 crore to Rs. 752 crore, the net profit increased from 18.6 crore to Rs. 43.9 crore against the same quarter of the previous year. However, net profit was inclusive of exceptional income of Rs. 18 crore received against diveastment of a part stake in one of its subsidiaries to a private equity fund.
While Pantaloon has added 8 lakh sq feet of retail space in Q3, it plans to add larger than this space in Q4.
What is of significance, however, is the fact that unlike most of its competitors, who have yet to make a beginning, Pantaloon has signed up a total retail space of about 27 million square feet.
While 8 million square feet of retail space is expected to go on stream by December, 2007, the entire 27 million square feet of space it has lined up is likely to become operational, within the next 3 to 4 years, by 2010-11.