Reliance Retail posts 31% growth in Q2
By VJ Media Bureau | Vjmedia Works | October 17, 2013
The leading retail brand has reported a 31% growth, compared to last year, at Rs.3,456 crore which ended September 30, 2013. The results were announced by the retailer through a press release.
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.â€
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.