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    Reliance Retail Q2 Results: Net profit rises 21% YoY to Rs 2,790 crore

    Synopsis

    Reliance Retail revenue from operations rose 19% to Rs 68,937 crore in the reporting quarter, compared with Rs 57,694 crore in the corresponding quarter of previous year.

    Reliance Retail Q2 showANI
    Reliance Retail, the retail arm of Reliance Industries, on Friday posted a net profit of Rs 2,790 crore for the quarter ended September 2023, which is an increase of 21% year-on-year. Its profit was at Rs 2,305 crore in the last year period.

    Its revenue from operations rose 19% to Rs 68,937 crore in the reporting quarter, compared with Rs 57,694 crore in the corresponding quarter of the previous year.

    EBITDA for the quarter rose 32% to Rs 5,820 crore, compared with Rs 4,404 crore in the same quarter last year. Meanwhile, margins improved 80 bps to 8.4%.

    The growth during the quarter under review was well-rounded across consumption baskets.

    Grocery and Fashion and Lifestyle businesses maintained strong growth momentum while consumer electronics had a steady performance despite festive period falling in the third quarter of current fiscal.

    The company said depreciation increased on account of higher asset base due to addition of new stores and supply chain infrastructure.

    The business expanded its store network with 471 new store openings taking the total store count at the end of the quarter to 18,650 with an area of 71.5 million sq ft.

    The quarter recorded footfalls of over 260 million across formats, a growth of 40% year-on-year. Digital commerce and new commerce businesses continued to grow and contributed 19% of revenue.

    The consumer electronics business maintained growth momentum with 11% growth over last year. Meanwhile, fashion and lifestyle business delivered 32% growth. Grocery delivered another quarter of record performance with 33% growth, led by Smart and Smart Bazaar formats.

    "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," said Isha Ambani, Executive Director, Reliance Retail.

    "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," said RIL chief Mukesh Ambani.




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