Metro Cash & Carry India sales up 16% to EUR 798 mn in FY'17

Metro Cash & Carry India has reported a 16 per cent increase in sales at EUR 798 million (approx Rs 6,242 crore) for the financial year ended December 2017.

"In 2016-17, Metro Cash & Carry India posted sales of EUR 798 million, a growth of 16 per cent over the previous year," the company said in a statement.

The firm, part of German retailing major Metro AG, follows January-December period as its financial year.

"India is a key growth market for us and we are focused on achieving profitable and sustainable growth. We are committed towards increasing our presence and supporting independent businesses across regions," Metro's Wholesale (India) MD and CEO Arvind Mediratta said.

Mediratta added that financial year 2016-17 was a strategically important year for the company as it launched OPD (order, payment, delivery) for traders and kiranas to facilitate online order placement and door-step delivery.

"We are building a distinctive value-proposition for the HoReCa (hotels, restaurants and caterers) segment by leveraging our global expertise and are strengthening this category with innovations," he added.

At present, the company operates 24 stores across the country in cities including Bangalore, Hyderabad, Mumbai, Delhi, Kolkata, Jaipur and Jalandhar.

The company plans to have 50 stores in India by 2020.

Metro Cash & Carry, which operates in 25 countries worldwide, globally recorded a sales growth of 3 per cent at EUR 29.9 billion in the reporting financial year.