Reliance Retail Ltd, the retail arm of Reliance Industries, has turned in 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, helped by a tax refund of INR2.5bn.

Sales tumbled by 53% to INR2.91bn, down from INR6.22bn, after being hit by the recession and the closure of some stores.

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.