Reliance Retail Dec quarter sales up 38% at Rs 3,927 crore

Reliance Retail's revenues grew by 38% to Rs 3,927 crore in the third quarter ended December 31, 2013, aided by festive season shopping.

 

The company, a part of Reliance Industries, had a turnover of Rs 2,839 crore during the same period last fiscal.

 

The company reported a turnover of Rs 10,857 crore for the first nine months of the financial year, a growth of 40% compared with Rs 7,749 crore in the corresponding period last year, the company said in a statement.

 

The retail business achieved Rs 106 crore profit before depreciation, interest and taxes (PBDIT) in the October-December period of the ongoing fiscal.

 

Its PBDIT stood at Rs 271 crore for the nine-month period i.E April-December, 2013.

 

"Our retail business continues on its rapid growth trajectory with 38% revenue growth during the quarter," Reliance Industries Chairman and Managing Director Mukesh Ambani said in the statement.

 

According to the company, "Value formats sustained the growth momentum to maintain leadership position in the grocery retail business while Reliance Market, the cash and carry format continued its rapid geographical expansion".

 

The fashion and lifestyle business delivered accelerated performance in the quarter fuelled by its focus on providing customers with fashionable, high quality products at great value, it said.

 

Moreover, the company had discontinued its non-vegetarian food retail format 'Delight' during the quarter "echoing consumer sentiments", it added.

 

Reliance Retail currently has 1,577 stores across 141 cities in India as on December 31, 2013.