Reliance Retail, the retail arm of Reliance Industries, turned its first profit since opening its first store over three years ago.
The company posted an annual profit after tax of INR1.82bn (US$38.2m), up from a loss of INR2.02bn last year, after receiving a tax refund of INR2.5bn.
Last week, Reliance unveiled a five-year business plan to make the company profitable by strengthening presence in multi-format retail stores, focusing on hypermarkets and building a “world class” infrastructure.
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