INDIA: "Record" FY profits for Reliance Retail
Reliance said "value" formats had "solidified" leadership of India's food retail sector
India's Reliance Retail has reported "record" annual sales and earnings, with the head of its parent company hailing the business had turned around during the year.
Profit before depreciation, interest and taxes reached INR3.63bn (US$59.4m) for the year to the end of March. The result compared to PBDIT of INR780m for the 2012/13 financial year.
Revenue jumped 34% to INR145bn, according to a filing from owner Reliance Industries, the Indian conglomerate. Like-for-like sales were up 23%.
In the fourth quarter, sales increased 19% to INR36.39bn. Reliance Industries did not provide quarterly profit figures for its retail business.
During the year, the company said its "value" retail formats had increased their share of the grocery market by 1% to "solidify" its "leadership" of the sector.
"[The] retail business has turned around and is now India's largest retail chain," Reliance Industries chairman and MD Mukesh Ambani said.
As well as food, Reliance Retail operates in sectors from apparel to eyecare.
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