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.
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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.”
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