Reliance Retail, the retail arm of industrial conglomerate Reliance Industries, has recorded a 41% hike in first-half turnover. 

The company, which operates more than 1,550 stores across India, said turnover reached INR69.3bn (US$1.13bn) in the first six months of the year ending 30 September, compared to the same period last year.

During the second quarter, turnover increased 31% year-on-year to INR34.56bn. 

Value formats continued their momentum to maintain leadership in the grocery retail business, while the cash and carry business continued its geographical expansion. 

Mukesh Ambani, chairman and managing director of parent Reliance Industries, said: "[Our] retail business continues to break new ground, growing 41% in the first half. Reliance's ongoing counter-cyclical investments will strengthen our competitive position in each business segment."