Reliance Retail posts cash breakeven

After setting up the business seven years ago, the retail venture of Mukesh Ambani's Reliance Industries has achieved cash break-even with the business posting profit before depreciation, interest and tax (PBDIT of Rs 78 crore in FY 2013).

The business posted a jump of 42% in its total turnover at Rs 10,800 crore in FY 2013 compared to previous financial year.

"The company continued its store expansion across all format sectors. Despite challenging macro-economic conditions, the company witnessed strong same store sales growth ranging from 7% to 18% across format sectors over last year. The company maintained its position of being the largest grocery retailer in the country," the company said in a statement.

The retail business opened 184 new stores during FY 2013. At the end of March 2013, the company operated over 1,450 stores in 129 cities across India.