Reliance Retail's Q2 turnover up 31% at Rs 3,456 cr

New Delhi: Reliance Retail, the retail arm Reliance Industries Ltd, today reported a 31 percent increase in turnover at Rs 3,456 crore for the quarter ended 30 September 2013.

The company had reported a turnover of Rs 2,638 crore in the corresponding quarter a year ago.

The company reported a turnover of Rs 6,930 crore for the first six months of the financial year, a growth of 41 percent compared with Rs 4,915 crore in the corresponding period last year, the company said in a statement.

“Retail business continues to break new ground, growing 41 percent in the first half of FY14,” Reliance Industries chairman and managing director Mukesh Ambani said in the statement.

Retail business achieved profit before depreciation, interest and taxes of Rs 165 crore in the first half of FY 2014, it added.

The fashion and lifestyle business continued to deliver a strong performance in the quarter with the launch of private brands and collections in collaboration with Indian and international designers.

The company said it has decided to discontinue offering books and music through its TimeOut stores.

“Witnessing the rapid migration of books and music delivery via digital channels, the business has decided to discontinue offering books and music through physical stores being operated under TimeOut banner,” the company said.

RIL’s retail business now operates over 1,550 stores across 136 cities in India, it said.

(Disclosure: The Reliance Group has funded the promoter of Network18, which publishes Firstpost)

PTI