The sales were driven by the fashion and lifestyle business, with the company launching various private brands and collections in collaboration with Indian and international designers.
Go deeper with GlobalData
Commenting on the results, Mukesh Ambani, chairman and managing director of Reliance Industries, said, "Retail business continues to break new ground, growing 41 per cent in the first half of FY14."
The company reported a turnover of INR6, 930 crore for the first half of the financial year, a growth of 41% compared with INR4, 915 crore in the corresponding period last year.
Out of this, total profit share of the retail business before depreciation, interest and taxes in the first half of 2014 was INR165 crore.
The company admitted that difficult business environment is creating problems for retailers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData"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.
The company also plans to discontinue offering books and music through its TimeOut stores, owing to the rapid migration of books and music delivery via digital channels.
RIL’s retail business now operates over 1,550 stores across 136 cities in India.
See Also:
