Prannoy's win kept Ahmedabad Smash Masters alive in the tie against Awadhe Warriors.
Prannoy, who is unbeaten in the PBL since last season, has now recorded his 10th successive win in the league, while Srikanth crashed to his second consecutive loss of the season.
Smash Masters are currently trailing 1-3 on the points in this five match duel with two matches remaining.
Prannoy, who had beaten his country-mate to clinch his first national championship last year, looked to be in stellar form and blitzed his way to an 8-2 lead at the break. Srikanth did try to stay in the match but could not muster enough and went down meekly in the opening game.
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Earlier, Parupalli Kashyap came back from behind and beat Masters' Sourabh Verma 11-15, 15-13, 15-14 to send Awadhe 2-0 ahead (3-0 points).
Sourabh looked in great touch in the opening game and was hardly challenged by Kashyap. Even though the Awadhe showed sparks of brilliance on few occasions, Sourabh managed to dominate the proceedings to go 1-0 in the match.
The second game was a pulsating affair with Awadhe's trump player Kashyap taking the challenge to his opponents. It was a closely fought affair and such was the intensity of the contest that the both the players dug-outs were on the edge of their seats and were wildly celebrating each points.
Sourabh was quick to get off the blocks in the final game and raced to an 8-3 lead. After the interval, Kashyap launched a scathing comeback and tied the score 9-9.
But Sourabh was in no mood to let go off the opportunity and raced to a 14-10 lead. Kashyap showed great resiliency and saved four match points to finally seal the match 15-14 after Sourabh found the nets.