Reliance Retail posts 31% growth in Q2

Reliance Retail released the second quarter performance review of the company which was held on 14th October 2013. The company reported a turnover of Rs. 6,930 crore for the first half of the financial year, a growth of 41 per cent compared with Rs. 4,915 crore in the corresponding period last year, the company said in a statement.The company has reported a turnover of Rs. 2,638 crore in the corresponding quarter a year ago.
 
RIL achieved a turnover of Rs 197,112 crore ($ 31.5 billion) for the half year ended 30th September 2013, an increase of 4.7%, as compared to  Rs 188,193 crore in the corresponding period of the previous year.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited commented on the results saying, "RIL's first half performance reflects the resilience of our business model in a period of volatility and uncertainty. Our diversified and integrated petrochemicals business captured margins across segments - delivering near-record profit levels even as the domestic economy slowed. Optimal utilization of best-in-class refinery assets and inherent flexibility in sourcing, product delivery contributed to healthy operating profits from our refining business. Retail business continues to break new ground, growing 41% in 1H FY14. Reliance's ongoing counter-cyclical investments will strengthen our competitive position in each business segment.”

The business crossed a significant milestone of operating 10 million sq. ft. of retail space with the addition of 58 stores across all formats. RIL's retail business now operates over 1,550 stores across 136 cities across India.