INDIA: Q3 sales jump at Reliance Retail
Reliance Retail, the retail arm of Indian conglomerate Reliance Industries, has recorded a 38% jump in third-quarter turnover.
Sales reached INR39.27bn (US$637.6m) during the third quarter to the end of December, compared to INR28.39bn in the same period of the previous year. The business recorded like-for-like sales growth of up to 21% across various store formats.
Reliance, which operates 1,577 stores across 141 cities in India, said profit before depreciation, interest and taxes was INR1.06bn for the quarter. It did not give a corresponding figure for last year's third quarter.
The company said its value formats "sustained the growth momentum", which saw them "maintain leadership position in the grocery retail business". Reliance, meanwhile, continued to build its Reliance Market cash-and-carry business.
For the nine months to December, Reliance Retail's turnover reached INR108.57bn, up 40% on INR77.49bn in the prior year.
The company operates 1,577 stores across 141 cities in India. Profit before depreciation, interest and taxes was INR2.71bn.
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