Reliance Industries? organised retail business, Reliance Retail, crossed the milestone of R10,000 crore in revenues by registering a turnover of R10,800 crore for the 2012-13 fiscal. The turnover rose 42% over the previous year.
With this, Reliance?s retail business has become one of the largest in India.
Kishore Biyani-owned Future Retail, formerly Pantaloon Retail (India), had R6,987.73 crore of revenues in the year ended December 2012. The company?s financial year is the same as calendar year.
Reliance Retail also achieved cash break-even with earnings before depreciation, finance cost and tax of R78 crore, for the fiscal ended March, helped by expansion and higher same-store sales. The company did not disclose the corresponding year?s loss.
The company?s same-store sales grew between 7% and 18% across formats, during the fiscal. ?The company maintained its position of being the largest grocery retailer in the country,? RIL said in a statement.
The company, which was set up seven years ago, opened 184 new stores during the year. At the end of March 31, the company operated over 1,450 stores in 129 cities across India.
RIL infused R5,027 crore in Reliance Retail in 2012 fiscal, according to the company?s 2011-2012 annual report. Last year, RIL had projected that the retail business will generate revenues of R40,000-50,000 crore in three to four years.
Reliance Retail is restructuring its business into two broad verticals ? Reliance Fresh and Reliance Trends, FE had reported previously. RIL has changed its formats in the retail sector thrice in the past six years.