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Reliance Retail Q2 profit rises 21% to Rs 2,790 crore; revenue up 19.5%

The retail arm of Reliance Industries Ltd (RIL) posted a net profit of Rs 2,305 crore in the July-September quarter of FY23, and its revenue from operations was Rs 57,694 crore

New Delhi: The gross revenue of Reliance Retail in the July-September period grew 18.83% to Rs 77,148 crore, said the regulatory filing by Reliance Industries Ltd.

The retail arm of Reliance Industries Ltd (RIL) posted a net profit of Rs 2,305 crore in the July-September quarter of financial year (FY) 2023-2024, and its revenue from operations was Rs 57,694 crore.

This was led by a “well-rounded growth across consumption baskets”, according to the earning statement from RIL.

“Business posted an EBITDA (Earnings before interest, taxes, depreciation) of Rs 5,820 crore, up 32.2% on a year-on-year basis. EBITDA before investment income was recorded at Rs 5,607 crore,” it said.

In July-September, Reliance Retail added 471 new stores in its sales network, taking the total count to 18,650 stores with an area of 71.5 million sq ft at the end of the quarter.

“The quarter recorded footfalls of over 260 million across formats, a growth of 40.5% year-on-year,” it said.

During the quarter, its digital commerce and new commerce businesses continued to grow and contributed 19% of the revenue.

Reliance Retail also raised Rs 15,314 crore from global marquee investors at a valuation of over USD 100 billion during the September quarter.

“The business completed equity fund raise of Rs 15,314 crore in the current round from global marquee investors,” RIL noted.

Commenting on the results, RIL Chairman and Managing Director Mukesh D Ambani said Reliance Retail has continued to rapidly expand its offline and online presence while adding to its already impressive range of products and offerings.

“We are providing a fresh and friendly shopping experience across our seamless ecosystem. The strength and diversity of our retail business model is consistently delivering robust performance,” he said.

While informing about the segment, RIL said Consumer Electronics and Grocery were the best performers during the quarter, continuing the previous trend.

“Consumer Electronics business maintained growth momentum with 11% growth over last year,” it said, adding that in the segment, new commerce continued its growth journey and expanded its merchant partner base by 44%. Phones and high-end television saw robust growth.

Similarly, grocery delivered another quarter of ‘record performance’ with 33% growth year-on-year led by Smart and Smart Bazaar formats.

Its fashion and lifestyle business delivered 32% year-on-year growth. Offline business delivered robust growth despite the festive season falling entirely in the next quarter. Its online platform AJIO reported another strong quarter of growth.

“The catalogue expansion continued with the range expanding by 50% y-o-y,” it said.

RRVL’s consumer brands maintained their growth led by beverages, general merchandise and staples categories.

“The business is focusing on expanding distribution reach and engagement in the General Trade channel, delivering 4x year-on-year revenue growth,” it said.

RRVL Executive Director Isha M Ambani said, “The performance is a testament to our customer-centric approach that defines Reliance Retail, and we look forward to serving our customers this festive season with renewed optimism and enthusiasm”.

RRVL is the holding company of Reliance Retail.

The post Reliance Retail Q2 profit rises 21% to Rs 2,790 crore; revenue up 19.5% appeared first on India Retailing.



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