INDIA: Reliance Retail full-year sales surge 42%
- Full-year sales jumped 42% to INR108bn
- Growth boosted by new store growth
The company said turnover jumped 42% to INR108bn (US$2bn) for the year ended 31 March, compared to the same period last year.
Reliance Retail opened 184 new stores over the year, taking the total number of stores it operates to 1,450 in 129 cities across India.
Company chairman and managing director Mukesh D Ambani said: "We are delighted to see our retail business achieving a milestone of annual revenue crossing INR100bn and will further strengthen our position in this sector."
The company said group net profit rose 4.8% to INR210.03bn, against INR200.4bn the prior year. Net turnover increased 9.1% to INR3.60trn from INR3.30trn last year.
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Reliance Retail, the retail arm of industrial conglomerate Reliance Industries, has reported strong first-quarter sales growth despite the challenging macroeconomic environment....
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