Reliance Retail, the retail arm of Indian conglomerate Reliance Industries, has reported “strong” first-quarter sales growth.
Turnover jumped 53% to INR34.74bn (US$581.6m) during the first quarter to 30 June. Same-store sales growth ranged from 10% to 22% across its different formats and sectors.
The company, which operates more than 1,500 stores in India, said profit before depreciation, interest, and taxes (PBDIT) from its retail business reached INR700m. It did not provide a figure for the year before.
Reliance said its value stores had, for example, looked to increase the range of groceries on sale.
Reliance Industries chairman and managing director Mukesh D Ambani said: “Retail business continues to make remarkable progress and registered a 53% growth in revenues during the first quarter.”