Mukesh Ambani's Reliance Retail posted a turnover of Rs 4,918 crore in the first half of FY2013, nearly 48 per cent higher than the corresponding period of the last financial year. Various formats of the chain posted same-store sales growth of five per cent to 25 per cent across formats over last year, it said.
At its annual general meeting in June this year, Reliance Industries chairman Mukesh Ambani said Reliance Retail was aiming to grow its revenues by five to six times and achieve sales of Rs 40,000 crore to Rs 50,000 crore in the next three to four years.
"The numbers are very impressive because at the pace they are growing, I think they will cross the full year with Rs 10,000 crore to Rs 12,000 crore, thus becoming the largest retailer in the country. At this pace, there is no reason to disbelieve they can not touch their target (of Rs 50000 crore turnover)", said Arvind Singhal, chairman of Technopak Advisors.
