Reliance Retail, the retail arm of diversified conglomerate Reliance Industries, clocked 12.9 percent year-on-year (YoY) jump in net profit to Rs 2,415 crore in the quarter ended March 2023.
Revenue stood at Rs 69,288 crore, rising 19.4 percent YoY from Rs 58,019 crore in the corresponding quarter last year, the company said.
On the operating front, EBITDA (earnings before interest, taxes, depreciation and amortization) jumped 32.6 percent YoY to Rs 4,925 crore. EBITDA margin came in at 7.1 percent, which indicates a 70 basis point improvement YoY but flat on a sequential basis.
Reliance Retail saw highest ever footfall at 21.9 crore across formats with 966 new store openings, the company said in an exchange filing.
Consumer electronics business grew on the back of festive events, promotions and new launches, as per the press release. The business also saw best-ever Republic Day period sales performance with revenue growth of 35 percent YoY.
Fashion & Lifestyle segment’s revenue grew of 19 percent YoY led by wedding season and festivals, and jewelry business clocked a revenue growth of 28 percent YoY.
“Reliance Retail continues on the path of registering industry leading growth year after year at a scale unmatched in India… Our focus on customer-centricity backed by investments in technology, innovation and new business segments have helped us create operational excellence and steer the transformation of India’s retail sector,” Isha Ambani, executive director, Reliance Retail Ventures said.
In FY23, the conglomerate’s retail business made great strides. It launched a made-in-India FMCG brand named Independence and brought back the iconic beverage brand Campa.
JioMart delivered its best quarter with robust growth across categories, growing its catalogue by 34 percent sequentially. “Trends, Hamleys and Urban Ladder are now live on platform and JioMart is seeing a sustained uptick in non-grocery category contribution,” the company informed.
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