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Sales soar 20% at Reliance Retail in Q2FY'15
15
Oct '14
Revenues at Reliance Retail, the retail arm of Mukesh Ambani led – Reliance Industries Ltd (RIL) posted a 20 percent year-on-year hike in the second fiscal quarter ending September 30, 2014.

Continuing its growth momentum and as a result of focused expansion, Reliance Retail surpassed significant milestones in the quarter under review and recorded the highest revenue and PBDIT in any quarter.

Despite persistent inflation and slow consumption growth, sales at Reliance Retail soared from Rs 3,470 crore, up 20 percent from the prior year quarter to Rs 4,167 crore in the reporting quarter.

The business segment recorded a PBDIT growth of 96 percent from the same quarter of previous fiscal year to Rs 186 crore.

The retailer said, “As in the previous quarter, gross margin improvement with variable expense control and leverage of fixed expenses contributed to the strong PBDIT performance.”

Pre-tax profit also zoomed 41.4 percent at the largest player in the organised retail space to Rs 99 crore in the second fiscal quarter of 2014 from Rs 70 crore in corresponding quarter of 2013.

Reliance Retail said its store count has crossed over 2,000 operational stores spanning 155 Indian cities.

The fashion format of Reliance Retail - Reliance Trends inaugurated an in-house design studio and sampling facility in the quarter.

These facilities will enable sustainable superior fashion quotient and a significantly higher speed to market for its own brand products that contributed 67% of sales in the quarter.

“During the quarter, Reliance Trends further solidified itself as the preferred fashion destination for Indian shoppers,” the retailer informed.

Meanwhile, sales in the reporting quarter at its parent – RIL dropped 4.3 percent, from a year earlier quarter to Rs 113,396 crore.

However, PBDIT moved up 5.6 percent to Rs 11,879 crore and net profit inched up slower by 1.7 percent to Rs 5,972 crore, both rising from the second fiscal quarter of 2013. (AR)

Fibre2fashion News Desk - India

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