Pantaloon Retail’s net sales rose 31% to INR76.69bn (£994.8m) for the year to June 30.

Net profit at the group, which is Indian’s largest retailer, plummeted from INR219.3m (£2.84m) the year before to INR100.7m (£1.3m).

The decline was primarily due to rising employee costs, depreciation and interest charges.

Kishore Biyani, chief executive of Pantaloon owner Future Group, said: “The worst is far behind us and in the last three weeks the normalcy in consumption is almost up to 98% of the peak that we achieved.”