Pantaloon Retail –Accumulate- Angel Securities
Pantaloon Retail (PRIL) reported a decent 3QFY2010 performance, The company posted a top-line growth of 25.3% y-o-y to Rs2058 crore (Rs1642 crore) for 3QCY2010 as value , lifestyle and home retailing posted a higher growth on the back of low base effect of last year as well as pick-up in consumer sentiment.
On the operating front, the EBITDA improved by 24.6% y-o-y to Rs215.6 crore (Rs173 crore) while the margins were flat on yoy basis. Consequently, net profit for the quarter improved by 62.7% yoy to Rs55.9cr (Rs34.4cr). We maintain our
ACCUMULATE recommendation on the stock with a 15 month target price of Rs469.
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