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The retail business of Reliance Industries would deliver a growth 50% revenue growth, year on year across formats, said RIL chairman Mukesh Ambani at the company's annual general meeting today.
"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.
After setting up the business seven years ago, Reliance Retail achieved cash break-even with the business posting profit before depreciation, interest and tax (PBDIT of Rs 78 crore in FY13.
The business posted a jump of 42% in its total turnover at Rs 10,800 crore in FY 2013 compared to previous financial year.
"Our multi-format strategy is paying huge dividends with most of the formats having positioned themselves as market leaders and is poised for strong growth in the future," Ambani said.
During the year, Reliance added 184 stores across format sectors.
The company now operates around 1500 stores spanning 130 cities across India and covering an area of over 9 million square feet.
Reliance One loyalty program now has over 13 million customers contributing 65% to the sales during the year.
