RIL expects retail business revenue to grow 50%

RIL expects retail business revenue to grow 50%Reliance Industries has said that it expects the revenues from its retail business to grow 50 per cent in year across formats, according to RIL chairman Mukesh Ambani during the company's annual general meeting.

"Our retail business would undertake multi-fold growth in the next few years by delivering over 50% revenue growth in various format sectors year-on-year and is on its way to achieve revenue target of INR 40,000 crore to INR 50,000 crore as shared by me in our last AGM," Ambani said.

Reliance Retail has also been able to achieve cash break-even in just seven years after starting of the business. The business has recorded a business posting profit before depreciation, interest and tax (PBDIT) of Rs. 78 crore during the financial year 2013. The business has recorded a 42 per cent growth its total turnover at Rs. 10,800 crore during the financial year 2013 compared to the previous financial year.

Ambani said that the company's multi-format strategy has been successful and has allowed formats to become leaders in the market and bring huge returns to the business. The company was able to add a total of 184 stores across format sectors during the financial year.