Pantaloons Q3 loss widens to Rs 42.78 cr

Pantaloons Fashions and Retail, now a part of the Aditya Birla group has reported a net loss of Rs 42.78 crores for the third quarter ended December 2014 due to higher expenses. The company had reported net loss of Rs.15.66 lakh in the corresponding quarter a year ago, the company said in a filing to BSE.

Pantaloons’ net sales during the quarter stood at Rs 441.14 crores, up 7.39 percent over the Rs 410.75 crores in the same quarter a year ago. The company’s total expenses grew by 13.10 percent to Rs 462.07 crores against Rs 408.52 crores in the corresponding quarter last year.

Pantaloons announced plans to raise Rs 1,000 crores through issue of non-convertible debentures on a private placement basis, last month. The company said in a BSE filing that the Board of Directors of the company at its meeting held on January 7, 2015, has approved issuance of non-convertible debentures (NCDs) of up to Rs 1,000 crores on private placement basis, in one or more tranches. In July last year, the company had announced plans to raise up to Rs 500 crores through various means, including a rights issue. The company had also said that it proposes to raise up to Rs 300 crores through the rights issue.