Reliance Retail sales up 31% in Q2

The company's profit before depreciation, interest and taxes stood at Rs 165 cr, on a turnover of Rs 3,456 cr

Reliance Retail has recorded 31 per cent growth in sales in the quarter ended September, compared to the corresponding period last year. The company’s profit before depreciation, interest and taxes stood at Rs 165 crore, on a turnover of Rs 3,456 crore.

For the quarter ended June, Reliance Retail’s sales had increased 51 per cent to Rs 3,474 crore, against Rs 2,269 crore in the year ago period.

Reliance said for the first half of this financial year, sales of the retail business grew 41 per cent to Rs 6,930 crore.

“From a consumer confidence perspective, the past quarter has been a difficult one for the Indian retail sector. Various factors such as subdued economic growth, continued inflation and devaluation of the rupee have resulted in a dip in consumer confidence,”  Reliance Industries said.

During this quarter, Reliance Retail crossed 10 million sq. ft. of retail space with the addition of 58 stores across all formats. The business now operates over 1,550 stores across 136 cities in the country.